$13.75 billion in profits of 14 UAE banks listed in 2022, a growth of 32 percent

According to the disclosures of the listed banks announced on the financial market websites, the net profits of banks during the period from January to December 2022 increased by 32 percent, or the equivalent of 12.22 billion dirhams, compared to net profits amounting to 38.25 billion dirhams during the year 2021.

The profits of 8 banks listed on the Abu Dhabi Stock Exchange during the past year amounted to 26.2 billion dirhams, an increase of 19.4 percent, compared to profits of 22 billion dirhams in 2021, while the profits of 6 banks listed on the Dubai Financial Market amounted to about 24.34 billion dirhams in 2022, an increase. By 48.8 percent, compared to 16.35 billion dirhams in 2021, according to the official Emirates News Agency.

“First Abu Dhabi Bank” acquired the largest share of the total profits, after it recorded net profits amounting to about 13.4 billion dirhams during 2022, an increase of 7 percent compared to 2021, which highlights the tangible growth of the group and the strength of its core business, in addition to the achievements that it has achieved. It is in line with the bank’s medium-term strategy.

Emirates NBD’s profits increased by 40 percent to reach 13 billion dirhams in 2022, confirming the effectiveness and flexibility of the group’s diversified business model and strong regional economic growth.

The net profit of Abu Dhabi Commercial Bank increased to 6.434 billion dirhams in 2022, a growth of 23 percent compared to 2021, so that the bank continues its upward growth path, confirming the strength and solidity of its financial position in addition to its contribution to creating new and increasing opportunities within a dynamic and diversified economy.

The net profit of “Dubai Islamic Bank” grew by 26 percent year-on-year, to reach 5.55 billion dirhams, compared to 4.406 billion dirhams in 2021, on the back of higher main revenues, wise management of costs, and the continued decline in impairment provisions.

The net profit of “Mashreq Bank” grew to 3.7 billion dirhams at the end of 2022, and operating profits increased by 39.2 percent to 4.4 billion dirhams compared to 2021, as a result of the increase in operating income, and efficiency improved with the cost-to-income ratio reaching 40.9 percent in 2022.

Abu Dhabi Islamic Bank achieved record performance in 2022, with net profits reaching 3.62 billion dirhams, a growth of 55 percent year on year, and revenues increased by 23 percent to 6.835 billion dirhams last year as a result of a 43 percent increase in fees and commissions, and a growth of 24 percent. income from financing sources.

Commercial Bank of Dubai recorded net profits of about 1.825 billion dirhams at the end of 2022, an increase of 25.8 percent compared to 2021, as strong revenues through net interest and other operating income led to a significant increase in net profit.

The net profit of Emirates Islamic jumped to a record level of 1.24 billion dirhams for the year 2022, a growth of 51 percent on the back of higher funded and unfunded income, with a significant decrease in the cost of risk, which reflects the momentum of the strong economic recovery.

RAKBANK succeeded in achieving the highest annual profit in more than a decade with a net profit of 1.163 billion dirhams in 2022, an increase year-on-year by 53.4 percent, in addition to significant revenue growth on the back of strong increases in both sides of the balance sheet.

“Sharjah Islamic Bank” continued to achieve sustainable growth, as its net profits increased by 26.7 percent to 650.9 million dirhams in 2022, which is the highest profit since the date of the bank’s establishment compared to 514.1 million dirhams for 2021, and its operating profits increased by 17.4 percent to 998.3 million dirhams. .

The “National Bank of Umm Al Qaiwain” was able to achieve a net profit of 364.5 million dirhams in 2022, an increase of 38 percent compared to 2021, mainly with the support of the improvement of the external environment and efficient cost management, while the total revenues amounted to more than 599 million dirhams, and net interest income increased by 44 percent to 398 million dirhams.

The National Bank of Fujairah recorded a net profit of 340.4 million dirhams, an increase of 195.3 percent compared to 115.2 million dirhams in 2021, reflecting good quality business growth and strengthening balance sheet management supported by the local economic recovery. The bank also achieved its highest operating profit ever, with a value of 1.2 billion dirhams.

The profits of “Ajman Bank” increased by 39.5 percent, from 116.16 million dirhams in 2021, to more than 162 million dirhams in 2022, and the bank achieved a net operating return of 942.3 million dirhams in 2022, compared to 908.4 million dirhams in the previous year, with an increase rate of 4. percent.

The profits of “Commercial International Bank” grew by 15 percent, from 131 million dirhams in 2021 to 150 million dirhams in 2022, while quarterly net profits increased by 11 percent, from 45 million dirhams in the third quarter of 2022 to 50 million dirhams for the fourth quarter of 2022.