Abu Dhabi banks’ income is Dhs9.55 billion

Commercial and Islamic banks operating in Abu Dhabi recorded a total net income of around Dhs9.55 billion in Q2 of 2020, according to data issued by the Statistics Centre-Abu Dhabi (SCAD).

The net income of traditional (commercial) banks in Abu Dhabi from interests, investments and other sources of income totalled Dhs8.5 billion, accounting for 89 per cent of the sector’s total income, while Islamic banks comprised the remainder.

The statistics also show that the total value of net interests was Dhs4.88 billion in the second quarter against Dhs3.956 billion in the corresponding quarter of 2019. The investment income amounted to Dhs1.366 billion, other sources of income for Dhs2.25 billion, while Islamic banks’ net income reached Dhs1.05 billion.

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 Dhs37,305 in the reference period, compared to Dhs38,211 for the corresponding period in 2019. A total of 10937 employees are working in these banks, according to the SCAD.

According to the recent statistics released by the Central Bank of the United Arab Emirates, the total value of fund transfers among the UAE’s banks amounted to Dhs6.307 trillion during the first eight months of 2020.

 The bank fund transfers during the reference period hit Dhs4.051 trillion, while individual transfers stood at Dhs2.255 trillion.

The transactions are made through the UAE Fund Transfer System (UAEFTS) that enables the lenders to conduct all interbank local fund transfers.

WAM