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Abu Dhabi banks’ net income totals AED 8bn in Q1

Abu Dhabi banks’ net income totals AED 8bn in Q1
Net investment income of commercial banks in Abu Dhabi grew by 1.9%

UAE – Mubasher: Net income from Abu Dhabi-headquartered commercial and Islamic banks amounted to AED 8 billion during the first quarter of 2019, according to recent data by the Statistics Centre − Abu Dhabi (SCAD).

On an annual basis, net investment income of commercial banks in Abu Dhabi grew by 1.9%; this has led to an increase of 1.1% in the banks’ gross net income during the period from January to March 2019.

The UAE statistics centre clarified that the net income generated by the commercial banks in Abu Dhabi represented approximately 83.9% of total net income, while the remaining 16.1% was formed by the Islamic banks in the emirate.

Gross revenues of Abu Dhabi’s commercial banks over Q1-19 resulted from a surge of 48.9% in investment income as well as an increase of 1.9% in net interest when compared to the corresponding period in 2018.