The net profits of six banks, listed on the Dubai Financial Market, recorded about 25.4 billion dirhams at the end of last year, an increase of more than 48.4%, as the net profits of those banks amounted to 17.11 billion dirhams in 2021.
Emirates NBD’s net profit increased by 40%, to reach 13 billion dirhams in 2022, supported by higher interest rates and transaction volumes, which boosted overall income.
The bank achieved profits amounting to 3.9 billion dirhams in the fourth quarter of last year, an increase of 94% from 2021.
Higher interest rates and increased transaction volumes supported an increase in total income in 2022 by 36% to 32.5 billion dirhams, which boosted profits.
The net profits of Emirates Islamic jumped to 1.24 billion dirhams for the year 2022, a growth of 51%, supported by the increase in funded income and unfunded income with a significant decrease in the cost of risk, which reflects the momentum of the strong economic recovery.
For its part, Dubai Islamic Bank achieved a record growth in net profits by 26% on an annual basis, to reach 5.5 billion dirhams, compared to 4.4 billion in 2021, on the back of higher main revenues, wise management of costs, in addition to the continued decline in impairment provisions. .
Mashreq Bank’s net profit also grew to 3.7 billion dirhams last year, while operating profits increased by 39.2% to 4.4 billion dirhams, compared to 2021, as a result of higher operating income, and efficiency improved with the cost-to-income ratio reaching 40.9% in 2022.
Commercial Bank of Dubai recorded net profits amounting to 1.82 billion dirhams during 2022, a growth of 25.8%, compared to 2021, supported by an increase in operating revenues to 3.812 billion dirhams, an increase of 19.8%. This came as a result of an increase in net interest income and an improvement in fee and commission income.
The net profit of Ajman Bank for the past year amounted to 162.1 million dirhams, compared to 116.2 million dirhams in 2021, recording a positive increase of 40% over the value of net profits during 2021, supported by the increase in revenues generated from fees, commissions and other sources, to reach 184.8 million dirhams at At the end of 2022, compared to 106.0 million dirhams for the year 2021, an increase of 74%.
The 6 banks
Emirates NBD recorded a profit of 13 billion dirhams.
The profits of «Emirates Islamic» amounted to 1.24 billion dirhams.
– «Dubai Islamic» achieved profits of 5.5 billion dirhams.
– The profits of «Mashreq» amounted to 3.7 billion dirhams.
– «Dubai Commercial» recorded a profit of 1.82 billion dirhams.
– Ajman Bank achieved 162.1 million dirhams in profits.
