Abu Dhabi – Mubasher: A total of 18 UAE national banks, listed on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), raised their proposed cash dividends 12.2% to AED 18.7 billion for 2018, from AED 16.66 billion a year earlier.

Assets of The UAE's banking sector, one of the strongest banking sectors in the Middle East in terms of financial solvency, exceeded AED 2.9 trillion last year, Emirates News Agency (WAM) reported on Sunday.

The increase in cash dividends was attributed to the improved profitability of banks operating in the GCC nation which recorded AED 42 billion in net profits last year, according to official data released by the ADX and the DFM.

First Abu Dhabi Bank (FAB) topped UAE lenders in terms of cash dividends with AED 8 billion, accounting for 74% of the bank’s capital, for 2018, after its net profits exceeded AED 12 billion.

Abu Dhabi Commercial Bank (ADCB) came in at the second place with cash dividends worth AED 2.4 billion, while Dubai Islamic Bank made up AED 2.3 billion and Emirates NBD’s cash dividends registered AED 2.19 billion.

In addition, cash dividends of Abu Dhabi Islamic Bank (ADIB), Mashreq Bank, Union National Bank (UNB), Commercial Bank of Dubai and National Bank of Ras Al Khaimah totalled AED 994 million, AED 710 million, AED 550 million, AED 580 million and AED 503 million, respectively.