UAE's top four banks reaped $4bn in combined first-half profit amid economic recovery
Profits at the four largest banks in the UAE grew during the first half of this year as operating conditions improved and impairment charges for bad loans fell further amid continued economic recovery, according to Moody’s Investors Service.
The top four lenders by assets reported a combined net profit of $4 billion in the first half of 2021, a 17 per cent annual increase, Moody’s said in its latest report released on Tuesday.
First Abu Dhabi Bank, the biggest lender by assets in the country, Abu Dhabi Commercial Bank, Dubai’s largest bank Emirates NBD and the UAE’s largest Sharia-complaint lender Dubai Islamic Bank account for more than 77 per cent of banking assets in the country.
“They [the banks] booked lower loan-loss provisions, reflecting the pick-up in economic activity and consumer confidence,” Nitish Bhojnagarwala, a vice president and senior credit analyst at Moody’s, said.
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