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10 ADX-listed banks gain AED 5.5bn in Q1

10 ADX-listed banks gain AED 5.5bn in Q1
The Emirati banks are expected to keep their positive results in 2018

By: Mahmoud Gamal

Abu Dhabi – Mubasher: Ten banks and financial companies listed on the Abu Dhabi Securities Exchange (ADX) achieved a combined 5% growth in their net profits during the first quarter of 2018 on the back of higher revenues and a decline in both expenses and allocations.

The banks’ combined net profit registered AED 5.51 billion ($1.49 billion) from January to March, up from AED 5.25 billion ($1.43 billion) in the comparative period of 2017, data compiled by Mubasher showed.

First Abu Dhabi Bank (FAB) came first with a net profit of AED 2.99 billion in Q1-18, followed by Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB), whose net profit reached AED 1.2 billion and AED 590.2 million, respectively, in the same period.

ADX-listed banks continue to maintain their good operating performance after a successful year in 2017, senior financial analyst at MenaCorp Issam Kassabieh told Mubasher.

This performance was the result of the UAE’s economic development and the continued preparations for the Expo 2020 projects, Kassabieh added. He forecast that UAE banks would extend their positive results in 2018, proceeding with the expansion of some of them outside the UAE.

 

Translated by: Muhammad Khalid