Half a dozen UAE banks report serious net profit increases

By Andrei Skvarsky.

Nearly half of the United Arab Emirates’ banks have published their financial results for the first half of 2022, almost all of them reporting substantial year-on-year net profit increases.

First Abu Dhabi Bank reported the highest profit of 8bn Emirati dirhams ($2.2bn) and said in a statement that this was 50 per cent up on 2021.

Emirates NBD announced a profit of 5.3bn dirhams ($1.4bn), which, it said, was 11 per cent up on last year. Abu Dhabi Commercial Bank earned 3bn dirhams ($833m), which marked growth of 21 per cent, according to a statement from the lender.

Regarding year-on-year increases, United Arab Bank (UAB) was the leader – though more modest than that of other banks, its profit of 83.3m dirhams ($22.68m) was more than three times the amount it made for the first half of last year, according to a UAB statement.

National Bank of Fujairah (NBF) said it had made a profit of 150.5m dirhams ($40.98m). According to its report, this was nearly double what it earned for the first six months of 2021.

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