AED33.1 billion in net profit reported by seven listed banks for 2022

  • Date: 26-Jan-2023
  • Source: Emirates News…
  • Sector:Financial Services
  • Country:UAE
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AED33.1 billion in net profit reported by seven listed banks for 2022

ABU DHABI, 26th January, 2023 (WAM) – 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