By: Mahmoud Gamal

Dubai – Mubasher: Net profits of the Dubai-based banks rose 11.6% year-on-year during the third quarter of 2018.

Net profits of the seven banks listed on the Dubai Financial Market (DFM) amounted to AED 4.95 billion in Q3-18, compared to AED 4.44 billion in Q3-17, according to a survey conducted by Mubasher.

The DFM’s listed lenders comprise Emirates NBD, Dubai Islamic Bank (DIB), Mashreq Bank, Emirates Investment Bank (EIBank), Emirates Islamic Bank, and Commercial Bank of Dubai (CBD), Ajman Bank.

Emirates NBD topped the banking sector with a total profit of AED 2.63 billion during the three-month period ended September, followed by DIB, Mashreq Bank and CBD, which achieved a profit of AED 1.23 billion, AED 586.6 million and AED 282.3 million, respectively.

EIBank registered the lowest profit over the quarter ended September with AED 5.1 million, 72% down from AED 18.2 million in Q3-17.

Nine-month earnings 

As for the first nine months of 2018, profits of the DFM’s listed lenders grew 19% to AED 14.67 billion, compared to AED 12.31 billion in the same period of the prior year.

Emirates NBD came on the first place achieving a profit of AED 7.66 billion during the period between January and September, followed by DIB with AED 3.62 billion.

Translated by: Kholoud Mohamed Hussein