UAE-listed banks report over $2bn in Q1 net profit

Twelve UAE-listed national banks reported a total net profit of $2.08 billion (AED7.64bn) during the first quarter of 2017, an increase of 6.7 percent from $1.95bn (AED7.16bn) reported in the same quarter last year.

The results disclosed by the 12 banks for the quarter show continued ability to post acceptable growth levels proving their ability to survive market pressures, financial sources told news agency WAM.

Seven Abu Dhabi Securities Exchange-listed banks booked AED3.84bn in profits, a 4.9 percent increase over AED3.66bn posted same period 2016.

Five Dubai Finance Market-listed banks reported total profits of AED3.8bn, up 8.6 percent, from AED3.5bn during the same period last year.

First Abu Dhabi Bank, the new banking entity created by the merger of National Bank of Abu Dhabi and First Gulf Bank, topped the list with around AED2.92bn in profits, an increase of 12 percent from the same period last year. Emirates NBD came in second with net profits worth AED1.87bn followed by Dubai Islamic Bank with profits of AED1bn.

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