#UAE banks lead GCC in Q2 banking sector profit growth | Banking – Gulf News

UAE banks lead GCC in Q2 banking sector profit growth | Banking – Gulf News

UAE banks reported the biggest increase in profits during the second quarter of 2021, registering a growth of 11.8 per cent quarter on quarter, according to a recent analysis of data from across the GCC by Kuwait-based Kamco Invest.

The second quarter data for the UAE banks showed 9 out of 16 listed banks in the UAE reported an increase in net profits.

FAB reported the biggest absolute growth in profits that reached $783.7 million in Q2-2021 as compared to $674 million n Q1-2021. ADCB and Dubai Islamic Bank followed in terms of absolute profit growth registering increases of 25.1 per cent and 19.3 per cent quarter on quarter, respectively. On the other hand, Bank of Sharjah continued to report loss during the quarter that reached $93.9 million in Q2-2021.

Kuwaiti banks reported the second-biggest quarter on quarter increase in net profits at 7.8 per cent to reach $0.7 billion in Q2-2021 after 6 out of 10 banks reported growth in profits. CBK and Burgan Bank reported the biggest quarter on quarter growth in net profits during Q2-2021.