Abu Dhabi – Mubasher: Around 19 UAE-based banks have reported AED 10.7 billion in net profit during the first quarter of 2018, up 12.3% year-on-year from AED 9.52 billion.

Banking experts said that the performance of the banking sector was extremely positive during Q1-18 as it maintained remarkable growth rate as compared with Q1-17, according to the Emirates News Agency (WAM).

Moreover, nearly seven banks listed on the Dubai Financial Market (DFM) have generated net profits of AED 4.7 billion during the three-month period ended last March, up 27% from 3.7 billion during the prior-year period.

Meanwhile, twelve banks listed on the Abu Dhabi Securities Exchange (ADX) have made net profits of AED 6 billion in Q1-18, rising 3.4% from AED 5.82 billion in Q1-17.

First Abu Dhabi Bank (FAB) has topped Emirati banks with profits of AED 3 billion at the end of Q1-18, compared to AED 2.92 during the year-ago period.

The DFM-listed Emirates NBD came in the second spot with AED 2.38 billion in net profit, surging 27% year-on-year.