Aggregate net income of #UAE’s top lenders surges 48.6% to $10bln

Aggregate net income of UAE’s top lenders surges 48.6% to $10bln

The profitability of the UAE’s banking sector recovered significantly in 2021, as the local economy continued to recover from the COVID-19 pandemic, according to a new analysis.

Full-year aggregate net income of major lenders in the country rose 48.6 percent to 37.8 billion dirhams ($10.8bln) in 2021, supported by higher operating income and lower impairments, professional services firm Alvarez & Marsal (A&M) said in its latest UAE Banking Pulse.

The report is based on data from ten of the largest listed banks in the UAE, which include First Abu Dhabi Bank (FAB), Emirates NBD (ENBD), Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank (DIB), Mashreq Bank (Mashreq), Abu Dhabi Islamic Bank (ADIB), Commercial Bank of Dubai (CBD), National Bank of Fujairah (NBF), National Bank of Ras Al Khaimah (RAK) and Sharjah Islamic Bank (SIB).

Total operating income of reviewed banks grew 5.2 percent on the back of higher fee and commission income, up 9 percent year-on-year, as well as higher income from investments and gains from foreign exchange, up 43.7 percent.