UAE listed banks report over $5bn net profit in H1

A total of 19 listed banks in the UAE reported net profit of around Dh19 billion ($5.17 billion) during the first half of the year, a 3.8 per cent growth from around Dh18.3 billion posted during the corresponding period last year.

Matching previous expectations, the gains reflect the banking sector's resilience and ability to cope with the fast-paced, multifaceted developments witnessed by the national economy which in its turn has maintained decent growth rates despite the global economic slowdown, reported Wam, the Emirates official news agency.

In more detail, 12 banks listed at Abu Dhabi Securities Exchange posted net profit of Dh11.22 billion during the first half of the year, a growth of 2.3 per cent from Dh 11 billion during the same period last year.

At Dubai Financial Market, seven banks secured H1 net profits of Dh7.87 billion, an increase of 7.8 per cent from Dh7.3 billion during the same period of 2016.

First Abu Dhabi Bank continued to remain at the pinnacle in terms of profits, which amounted to around Dh5.4888 billion, 4 per cent up from Dh5.28 billion in the same period last year.

Emirates NBD came second with net profit of Dh3.89 billion during the first six months of the year, up 5 per cent from Dh3.71 billion in the same period last year.

Emirates Islamic Bank came on top among the country's highest growing banks, securing a staggering growth rate of 182 per cent, with its profits soaring from Dh137.3 billion to Dh386.8 billion by the end of June 2017.