Underpinned by rising operating revenues, the Q1 combined net profit of banks listed at Dubai Financial Market soared to AED5.51 bn, a growth of 17 percent from AED4.69 bn during the corresponding period of 2018, with their combined assets surging 10 percent to AED1.058 trillion against the same period last year.
Clients’ deposits in the listed banks increased well by 7 percent to AED718 bn, with loans up 8 percent to AED660.2 bn during the same monitored period.
Within this context, Emirates NBD accounted circa 50 percent of the combined profits, reporting AED2.74 bn, followed by Dubai Islamic Bank which posted AED1.34 bn, or 24 percent.
The Emirates Islamic Bank is the fastest growing bank, reporting a 97 percent growth, driven by increased operating revenues during Q1. Ajman Bank came second with a 26 percent growth on the back of a 26 percent rally in operating revenues, followed by Commercial Bank of Dubai, 22 percent up as a result of a 18 percent rise in operating revenues, according to DFM data.