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Abu Dhabi-based banks report Dhs40.3bn net income in 2019

Abu Dhabi-based banks report Dhs40.3bn net income in 2019

Last year Abu Dhabi Commercial Bank officially merged with Union National Bank and the combined entity acquired Al Hilal Bank

Abu Dhabi-based commercial and Islamic banks reported a net income of Dhs40.3bn in 2019, reported news agency WAM.

The combined financial returns of these banks was recorded at around Dhs21.72bn, which accounts for 53.9 per cent of their total income last year.

The investment returns alone reached about Dhs7.93bn, comprising 19.6 per cent of the total income.

Read: Abu Dhabi banks ADCB, UNB and Al Hilal merge to create third largest UAE lender

The combined income of the banks was valued at Dhs10.36bn in the first quarter of 2019, before dropping to Dhs9.6bn in the following quarter. Their income in Q3 and Q4 of 2019 was estimated at Dhs10.24bn and Dhs10.082bn respectively.

In May 2019, Abu Dhabi Commercial Bank officially merged with Union National Bank and the combined entity acquired Al Hilal Bank.

Read: First Abu Dhabi Bank becomes latest UAE lender to cut jobs

The enlarged ADCB group, with Dhs423bn in assets and over one million customers, is the third-largest lender in the UAE and is listed on the Abu Dhabi Securities Exchange.

The UAE’s four largest banks – First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank and Dubai Islamic Bank – reported a combined net profit of Dh37bn for 2019, up 13 per cent from the previous year.

The four banks accounted for 73 per cent of banking assets in the UAE as of December 2019.

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