Seven listed banks in the UAE reported net profit of AED33.125 billion in 2022, demonstrating the strength of their financial soundness, the advantages of their high liquidity, and the robust revenues brought on by the full recovery from the Covid-19 effects.
The highest share of the overall profits was claimed by the country’s main lender, First Abu Dhabi Bank (FAB), which in 2022 generated net profits of roughly AED13.4 billion, a growth of 7% from 2021. The Group’s actual growth, the tenacity of its core business, and its accomplishments are all reflected in this profitability.
Emirates NBD‘s profits climbed by 40% to AED13 billion in 2022, demonstrating the Group’s diversified business model’s effectiveness and resilience.
Dubai Islamic Bank‘s net earnings increased by a record 26% YoY to AED5.552 billion from AED4.406 billion in 2021.
By the end of 2022, Sharjah Islamic Bank continued to experience steady growth. Its operating profits rose by 17.4% to AED998.3 million, and its net profits were 26.7% up to AED650.9 million, the bank’s greatest profit ever since it was founded.
The National Bank of Fujairah reported a net profit of AED340.4 million, a rise of 195.3% from AED115.2 million in 2021. This resulted from strong balance sheet management and significant business growth, both of which were aided by the local economy’s recovery. Additionally, the bank recorded its largest operating profit ever, amounting to AED1.2 billion.
The Commercial Bank International saw a 15% increase in profits, going from AED131 million in 2021 to AED150 million in 2022. Its quarterly net profit increased by 11%, from AED45 million in Q3-22 to AED50 million for the fourth quarter.
Over the coming days, other listed banks will continue to release their annual results and dividend payout ratio, including Mashreq Bank, Abu Dhabi Commercial Bank, and Abu Dhabi Islamic Bank.
News Source: Emirates News Agency