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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