National banks poised for strong profit growth in 2023 and 2024

National banks poised for strong profit growth in 2023 and 2024

Jamal Saleh, Director-General of the UAE Banks Federation (UBF), expressed optimism that national banks would experience strong growth in their profits in 2023 and 2024.

Saleh told the Emirates News Agency (WAM) on the sidelines of Abu Dhabi Financial Week, "We have confidence in the ability of national banks to maintain their strong performance in the coming years and to capitalise on the extensive opportunities offered by the vibrant economic environment in the UAE."

He further stated that the UAE's robust banking sector has consistently maintained a high level of capital efficiency, allocations, and reserves, a testament to the central bank's unwavering commitment to upholding rigorous governance, transparency, and risk management practices.

Saleh emphasised, "UAE banks have consistently demonstrated distinction and excellence year after year, positioning them among the world's most trusted financial institutions. This is further complemented by the resilience and robustness of this sector, which has witnessed a remarkable twelvefold increase, or 1200 percent, over the past twenty years."

According to the annual Confidence Index survey conducted by the UAE Banks Federation in collaboration with a renowned global institution, UAE banks achieved an impressive 84 percent confidence rate among customers in 2022, surpassing the global average of 67