Twelve UAE national banks post AED7.64bn profit in Q1

ABU DHABI / WAM

Twelve UAE national banks reported a total net profit of AED 7.64 billion during Q1 2017, a growth of 6.7 percent from AED 7.16 billion during the same period last year.
Citing the state of deceleration now witnessed at the global banking industry, financial sources told the Emirates News Agency (WAM), that the results disclosed by the 12 banks for Q1 1017 are positive, adding that the leading banks have continued to post acceptable growth levels during the first three months of the year, proving their ability to survive market pressures.
Seven ADX-listed markets booked AED 3.84 billion in profits during the first three months of the year, a 4.9% increase over same period in 2016 during which they posted AED 3.66 billion. Five DFM-listed Emirati banks posted a total profit of AED 3.8 billion, up by 8.6 percent from AED 3.5 billion during the same period 2016.
First Abu Dhabi Bank, the new banking entity created by the merger of National bank of Abu Dhabi and First Gulf Bank, topped the list with around AED 2.92 billion in profit, an increase of 12% from same period last year. Emirates NBD came second with net profits worth AED 1.87 billion during the same period followed by Dubai Islamic Bank with AED 1 billion. Among the top performers in terms of growth during the same period, Emirates NBD is second to none with a profit growth of 389 percent from 45 million to AED 221 million by end of Q1 2017.Dubai Islamic Bank came second with a 15 percent growth to AED 1 billion.

ADIB GAINS hit AED577.5mn
The Abu Dhabi Islamic Bank (ADIB) Group has released its Q1 2017 results with net profit up 19.8 percent to AED 577.5 million.
The robust performance was underpinned by a 4.3 percent rise in total revenues for the quarter to AED 1.37 billion driven by an increase in the number of customers and growth in fees and FX income coupled with cost optimisation.
ADIB has sustained its conservative approach on credit extension and capital management, despite the challenging macroeconomic environment, which has led to a year-on-year decrease of 1.2 percent in customer financing assets to AED 77.3 billion at end of March 31.
ADIB’s customer-centric strategy continued delivering services to over 938,000 customers across all major segments through a large branch network and market-leading digital channels, which saw customer deposits increase by 5.2 percent year-on-year, crossing the AED100 billion mark for the first time at the end of 31 March 2017, with advances to deposits ratio of 76.6 percent for the same period.
ADIB achieved improved profitability whilst further enhancing its asset quality and capital ratios. The bank has remained focused on prudently managing risk and credit extension with customer financing assets reaching AED 77.3 billion, resulting in the customer financing assets to deposits ratio further improving to 76.6 percent.

Experts to discuss integration of Gulf financial markets 

RIYADH / WAM

Prospects of integrating Gulf financial markets and ensuring best possible level of market surveillance will be discussed by heads of GCC financial market authorities who will convene in Bahrain on Thursday, April 27. A draft strategic study on curbing of manipulation at GCC financial markets will be among the highlights of the 16th meeting of the Committee of Heads of GCC Financial Market Authorities, which will also review the progress made hitherto to launch an integrated web portal for authorities in charge of regulating the GCC financial markets. Recommendations made by the supervision and surveillance teams at the GCC as well as the GCC General Secretariat’s, GS, report on holding a workshop to prevent manipulation will also be reviewed by the committee.