The banking sector was given a boost yesterday with some of the UAE's largest lenders reporting rising profits as deposits grew.
Emirates NBD, Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank all posted higher first-quarter profits compared with the same period last year. Each also recorded strong growth in deposits.
The banks' position has improved vastly on the first quarter of last year when the UAE's economy was affected by issues surrounding Dubai World, analysts said.
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