Yousef Al Bustanji (Abu Dhabi)
The three Abu Dhabi banks listed on the Abu Dhabi Securities Exchange soared with their unprecedented consolidated financial results for the first half of 2022, achieving a 40% jump in growth in their net profits, which reached 12.53 billion dirhams, amid a growth of 5.2% in their total assets to reach 1.66 trillion dirhams. With the support of the new economic boom witnessed by the UAE markets, and the investment activity recorded by all business sectors, since the beginning of this year.
The consolidated financial statements of the listed Abu Dhabi banks (First Abu Dhabi, Abu Dhabi Commercial and Abu Dhabi Islamic Bank) show that they enjoy very high financial strength and durability, as they managed to acquire nearly 50% of the total assets of the banking sector in the UAE, which consists of 59 banks (22 national banks). and 37 foreign banks), by the end of the first half of 2022.
According to the disclosed financial data, the value of the combined total assets of the three banks increased by about 82 billion dirhams during the first six months of this year to reach 1.66 trillion dirhams at the end of last June, compared to 1.578 trillion dirhams at the end of December 2021.
The disclosed data show that the three banks managed to achieve combined net profits of 12.53 billion dirhams during the first half of 2022, compared to 8.967 billion dirhams in the corresponding period of 2021, with a growth of 40% and a value of 3.57 billion dirhams in additional net profits.
The data show that the three banks injected 51.6 billion dirhams of new loans to their customers during the first six months of this year, bringing the balance of the credit portfolio and financial facilities granted to business sectors to approximately 794 billion dirhams at the end of June 2022, compared to 742 billion dirhams at the end of December 2021, registering a growth rate of 6.95% During the period.
The three banks were also able to attract new deposits worth more than 67 billion dirhams during the first half of this year, bringing the total balance of their combined bank deposits to 1.056 trillion dirhams at the end of last June, compared to their balance of 989 billion dirhams at the end of December 2021.
The data shows that First Abu Dhabi Bank, the largest in the UAE and one of the largest banks in the Middle East and North Africa, which is classified as one of the safest banks in the world, has captured the bulk of the growth rates and rates recorded by the three Abu Dhabi banks.
According to the disclosure issued by the First Abu Dhabi Bank, its assets increased by about 41 billion dirhams during the first six months of this year to reach 1.042 trillion dirhams, which is equivalent to about a third of the total assets of banks operating in the UAE national and foreign market.