Abu Dhabi banks’ net income amounts to Dhs9.6b in 3 months
- 14 May 2020
Commercial and Islamic banks operating in Abu Dhabi recorded a total net income of around Dhs9.6 billion in the first quarter of 2020, according to data issued today by the Statistics Centre-Abu Dhabi.
The net income of traditional banks in Abu Dhabi from interests and investments totalled Dhs8.5 billion, accounting for 88.5 per cent of the sector’s total income, while Islamic banks accounted for 12.5 per cent.
The statistics also show that the total value of net interest was Dhs8.856 billion in the first quarter of 2020, while investment income amounted to Dhs1.5 billion, Islamic banks for Dhs1.1 billion, and others for Dhs2.14 billion.
The centre’s figures showed that the number of employees in Abu Dhabi commercial and Islamic banks at the end of the first quarter of this year was 10,886.
In terms of wages, salaries, cash compensations and in-kind benefits, the data pointed out that the employee’s share of total compensations amounted to Dhs43,144 in the first quarter of 2020, compared to Dhs43,411 for the same period in 2019.
The Central Bank of the UAE (CBUAE), and Abu Dhabi Global Market, ADGM, have announced that they will collaborate, jointly host, and organise the fourth annual FinTech Abu Dhabi Festival, FinTech Abu Dhabi, which will be held from 24th - 26th November, 2020.
Bringing together international and local thought leaders and policy-makers, financial and technology institutions, FinTech startups, unicorns, investors, academia and innovators, the event promises a deep-dive into trending topics and business issues that will shape the digital economy of the future.
The event will be held in the Abu Dhabi National Exhibition Centre.
As CBUAE continues to play a critical role in shaping the future of financial services and innovations in the UAE, the FinTech Abu Dhabi partnership between CBUAE and ADGM reinforces the ongoing national focus and efforts in the financial sector and further accelerates the introduction of financial innovations and related technologies to better serve the UAE and the wider MENA region.
WAM
