Five banks listed on the Dubai Financial Market reported net profits of around AED 11 billion in the first quarter of 2024, compared to approximately AED 9.7 billion in the same period in 2023, marking a 14.4% increase, equivalent to AED 1.4 billion, according to bank disclosures.
Bank Highlights:
Emirates NBD led the profits with AED 6.7 billion (including Emirates Islamic), up 12% year-on-year and 67% from the previous quarter. The group’s total assets surpassed AED 900 billion, with record performance in personal loans and successful closure of major corporate loan deals.
Emirates Islamic posted record net profits of AED 811 million, a 35% increase, driven by 19% growth in total income and higher revenue from both financed and non-financed sources, reflecting strong financial management and a solid business environment.
Mashreq Bank saw a 25% increase in net profits after tax, reaching AED 2.04 billion, up from AED 1.63 billion in Q1 2023. Operating income rose to AED 3.14 billion from AED 2.5 billion in the same period last year.
Dubai Islamic Bank recorded AED 1.66 billion in net profits, up 11%, with total income growing 26.5% to AED 5.6 billion and operating income rising 8.8% to AED 2.99 billion.
Dubai Commercial Bank achieved net profits after tax of AED 701 million, an increase of 21.9%, supported by strong growth in loans, current accounts, and savings accounts, alongside the impact of higher global interest rates.
These results highlight the strength of Dubai’s banking sector and rising business confidence, with expectations for continued positive performance across most sectors in the coming periods.
