Abu Dhabi – Mubasher: The Abu Dhabi-based commercial and Islamic banks’ net income grew 2.8% year-on-year in the first quarter of 2018, registering AED 7.9 billion.

The net income of commercial banks operating in the UAE’s capital recorded AED 6.56 billion in Q1-18, compared to AED 6.34 billion in the year-ago period, according to a report released by the Statistics Centre of Abu Dhabi (SCAD).

Net income of Islamic banks in the UAE’s capital and biggest sheikhdom rose to AED 1.32 billion in the first three months of 2018 versus AED 1.33 billion in the comparative period of 2017.

“Conventional banks accounted for 83.1% of the net income secured by banks operating in the emirate during the period from January through March 2018, while Islamic Sharia-compliant banks comprised the remaining 16.9%,” Emirates News Agency (WAM) reported.