Profits of Dubai banks grow by 25% at Dhs11.2b

29/10/2015 05:44 AST

The net profits of Dubai banks listed on Dubai Financial Market grew by 25.3 per cent for the first nine months of this year, bringing the total profits to Dhs11.17 billion compared with Dhs8.91 billion for the corresponding period last year.

The Emirates NBD Group topped the list of Dubai banks listed on the Dubai Financial Market after recording the highest net profit of Dhs4.99 billion compared with Dhs3.9 billion for the same period in 2014, up by 27 per cent. The Emirates Islamic Bank recorded the highest growth rate of 109 per cent with its profits jumping to Dhs534 million compared with Dhs255.7 million over the period of comparison, followed by Ajman Bank with a growth rate of 90.5 per cent after its net profits jumped to Dhs85.86 million compared with Dhs45.06 million over the first nine months of 2014.

Dubai Islamic Bank’s net profits grew by 36 per cent to Dhs2.8 billion compared with Dhs2.06 billion to come in the second place in the list of the most profitable banks in Dubai.

MashreqBank came third with a growth rate of 5.1 per cent to Dhs1.84 billion compared with Dhs1.75 billion and Commercial Bank of Dubai fourth with a growth rate of 2.8 per cent after posting profits of Dhs915 million compared with Dhs890 million over the period of comparison.

Total assets of Emirates NBD, MashreqBank, Dubai Islamic Bank, Commercial Bank of Dubai and Ajman Bank rose by 10.26 per cent to Dhs717.6 billion by the end of September 2015 compared with Dhs650.8 billion by the end of 2014.

The Emirates NBD recoreded the highest volume of assets at Dhs390 billion compared with Dhs363. billion, up by 8 per cent, followed by Dubai Islamic Bank with Dhs149.5 billion compared with Dhs123.9 billion, up by 19 per cent, MashreqBank with Dhs111.4 billion compared with Dhs105.8 billion, up by 13.7 per cent, Commercial Bank of Dubai with Dhs53.3 billion compared with Dhs46.9 billion, up by 13.7 per cent and Ajman Bank with Dhs13.4 billion.

The Gulf Today