8 UAE banks record Dhs20.7 billion profit in 9 months
- 31 Oct 2020
Abeer Abu Shamala, Staff Reporter
The net profits of eight national banks during the first nine months of this year reached about Dhs20.68 billion with a decline of 36.2 per cent compared to the profits for the same period last year, which saw Dhs32.42 billion as profits.
According to an analysis of the financial statements of these banks conducted by Al Khaleej newspaper, of which Gulf Today is a sister publication, the profits for the third quarter of this year decreased by about 40 per cent compared to the third quarter of 2019, bringing the total value of their quarterly profits to Dhs7.01 billion compared to Dhs11.69 billion recorded in the third quarter of last year.
READ MORE
FTA board approves executive decisions reviews performance
ACCI highlights importance of industrial sector for economy
Chinas factory growth slows slightly in October
Global gold demand drops by 19 per cent in Q3 as COVID-19 drags on
The impairment provisions for the eight banks increased by about 103 per cent during the first nine months of 2020 to Dhs16.6 billion, compared to Dhs8.2 billion for the same period in 2019.
As for the quarterly level, the increase in provisions in the third quarter of this year was 29 per cent less than the third quarter of 2019, and the value of the quarterly allocations to the eight banks reached Dhs4.4 billion in the third quarter of 2020, compared to Dhs3.42 billion in the third quarter of last year.
The eight banks are Emirates NBD, First Abu Dhabi Bank, Dubai Islamic Bank, Abu Dhabi Commercial Bank, Sharjah Islamic Bank, National Bank of Ras Al Khaimah, Dubai Commercial Bank and National Bank of Umm Al Quwain.
