Abu Dhabi banks’ net income hits 9.55bn dirhams in Q2 2020

Abu Dhabi banks’ net income hits 9.55bn dirhams in Q2 2020

ABU DHABI — Commercial and Islamic banks operating in Abu Dhabi recorded a total net income of around 9.55 billion dirhams (SR9.7 billion approximately) in the second quarter of 2020, according to data issued by the Statistics Centre-Abu Dhabi (SCAD).

The net income of traditional (commercial) banks in Abu Dhabi from interests, investments, and other sources of income totaled 8.5 billion dirhams, accounting for 89 percent of the sector's total income, while Islamic banks comprised the remainder.

The statistics also show that the total value of net interests was 4.88 billion dirhams in the second quarter