By: Mahmoud Gamal

Dubai – Mubasher: Six Dubai- and Abu Dhabi-listed banks reported a 17.1% increase in net profit during the first quarter of 2018, registering AED 5 billion ($1.36 billion), compared to AED 4.27 billion (AED 1.16 billion) in the year-ago period.

Emirates NBD Bank’s profit surged 27% year-on-year to AED 2.386 billion in Q1-18, while Dubai Islamic Bank’s (DIB) profits soared 16% to AED 1.173 billion in the same period, Mubasher’s data showed.

These results came in line with previous expectations, given the hike of interest rates, senior financial analyst at Mena Corp Issam Kassabieh commented.

Loans inched up in the first three months of the year due to the increase in real estate purchases, Kassabieh added.

National banks are expected to achieve more profits, especially those which eye overseas expansions, the analyst said.

The UAE houses 49 banks – 23 local and 26 foreign – with total branches of 948.

Translated by: Muhammad Khalid