UAE banks report record figures of 2022

Seven largest UAE banks reported a net profit increase to a record figure of AED 33.1 billion ($9 billion). It has been made possible thanks to the progressive economic policy of the country and the international capital inflow. First Abu Dhabi Bank (FAB) received the largest share of the total profit. FAB net profit amounted to AED 13.4 billion, being 7% higher than that of 2021. Emirates NBD profit increased by 40% amounting to AED 13 billion. Dubai Islamic Bank profit increased by 26% amounting to AED 5.552 billion. Today, there are about 100 banks (commercial, industrial, investment, Islamic) operating in the UAE. The financial system of the country is considered to be one of the most stable in the world.

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WAM, January 26, 2023