The United Arab Emirates banking sector posted a 12.3 per cent increase in net profit during Q1 2018.
A total of 19 banks posted AED 10.7 billion in net profit, a 12.3 percent growth from AED 9.52 billion during the same period in 2017. The improved banking performance during the Q1 of the year has been attributed to rising oil prices which reflected positively on all economic sectors since the beginning of the year.
Of the 19 banks, seven banks listed on the Dubai Financial Market made net profits of AED 4.7 billion during Q1 2018, a growth of 27 per cent from 3.7 billion, during the same period last year and 12 banks listed on the capital's bourse booked AED 6.00 billion in net profit during the same monitored period, an increase of 3.4 per cent from AED 5.82 billion in 2017, WAM reported.
First Abu Dhabi Bank (FAB) came first with profits surging to AED 3.00 billion from AED 2.92 during the same period last year.
Emirates NBD came second with AED 2.38 billion net profit, up 27 per cent from the same period last year.