UAE bank profits grow on greater lending and higher interest

UAE bank profits grow on greater lending and higher interest

The UAE’s top 10 banks expanded their combined net profits in the third quarter versus the previous three months thanks to growing demand for corporate and retail borrowing, improved lending margins and lower impairments. A report by consultants Alvarez & Marsal studied the country’s biggest homegrown lenders by assets including leading duo First Abu Dhabi […]

Income up 5.6% for top 10 banks

Interest income grew 11.4%

Customers opting to save

The UAE’s top 10 banks expanded their combined net profits in the third quarter versus the previous three months thanks to growing demand for corporate and retail borrowing, improved lending margins and lower impairments.

A report by consultants Alvarez & Marsal studied the country’s biggest homegrown lenders by assets including leading duo First Abu Dhabi and Dubai’s Emirates NBD, plus Abu Dhabi Commercial Bank, Dubai Islamic Bank and Mashreq.

Combined third-quarter net income was AED 20.27 billion ($5.52 billion), up 5.6 percent versus the second quarter, Alvarez & Marsal wrote. Interest income grew by 11.4 percent over the same period.

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“Lenders are benefitting from healthy liquidity conditions supported by high oil prices, foreign capital inflows and