Nineteen UAE listed banks posted $5.17bln in H1 net profit

 In Business, Business Performance, General
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Originally published in Zawya by Hatem Mohamed (link below)

A customer makes a transaction at Emirates Bank in Dubai March 7, 2007. REUTERS/Mohammed Salem

Abu Dhabi – A total of 19 listed banks reported H1 net profit of around AED19 billion, a 3.8 percent growth from around AED18.3 billion during the corresponding period last year.

Matching previous expectations, the gains reflect the banking sector’s resilience and ability to cope with the fast-paced, multifaceted developments witnessed by the national economy which in its turn has maintained decent growth rates despite the global economic slowdown.

In more detail, 12 banks listed at Abu Dhabi Securities Exchange posted net profit of AED11.22 billion during the first half of the year, a growth of 2.3 percent from AED 11 billion during the same period last year.

At Dubai Financial Market, seven banks secured H1 net profits of AED7.87 billion, an increase of 7.8 percent from AED7.3 billion during the same period of 2016.

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