February 23, 2024

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UAE’s banking sector demonstrates outstanding resilience

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Dubai: The UAE’s banking sector continues its momentum-building run, as evidenced by the spectacular first-half outcomes of high banks like FAB, Emirates NBD, and ADCB. These banks haven’t solely proven enchancment in asset high quality but additionally witnessed sturdy development, attracting world buyers who’re enticed by the nation’s interesting funding alternatives.

Dubai’s greatest lender, Emirates NBD reported a whopping 78 per cent leap in revenue to Dh6.2 billion. Whereas its steadiness sheet surpassed Dh800 billion for the primary six months of 2023 because it added Dh53 billion of deposits in the course of the interval. Equally, First Abu Dhabi Financial institution, the UAE’s largest lender, skilled a surge in earnings that surpassed expectations, benefiting from greater charges and improved margins.

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