Dubai banks’ profits grow 36% to AED 9.8 billion in Q4 2023

The net profits of the UAE banks listed on the Dubai Financial Market increased by 36.16 percent year-on-year by the end of the fourth quarter of 2023.

According to Mubasher statistics based on the financial data announced on the Dubai Financial Market, the profits of these banks reached 9.855 billion dirhams by the end of the fourth quarter of 2023, compared to profits of 7.238 billion dirhams achieved by the end of the same period in 2022.

Emirates NBD topped the list, with profits growing by 2.35 percent to AED 4.021 billion by the end of the fourth quarter of 2023, compared to profits for the same period in 2022 of AED 3.928 billion.

The bank's profits reached AED 21.48 billion by the end of 2023, compared to profits of AED 13.003 billion by the end of 2022, a growth of 65 percent.

Total operating income increased by 32 percent to reach AED 43.03 billion by the end of 2023, compared to AED 32.51 billion by the end of 2022.

Mashreq Bank came in second place, with its profits jumping by 149.38 percent to reach AED 2.821 billion by the end of the fourth quarter of 2023, compared to profits for the same period in 2022 of AED 1.131 billion.

The bank's profits also rose to AED 8.59 billion by the end of 2023, compared to profits of AED 3.73 billion by the end of 2022, a growth of 130 percent.

Operating revenues increased by 48 percent to reach AED 10.80 billion by the end of 2023, compared to AED 7.31 billion in 2022.

Third, came Dubai Islamic Bank, whose profits grew by 47.06 percent to reach AED 2.100 billion by the end of the fourth quarter of 2023, compared to profits of AED 1.428 billion by the end of the same period in 2022.

The bank's net profits in 2023 reached AED 6.797 billion, an increase of 24 percent compared to profits of AED 5.474 billion in 2022.

Operating revenues increased by 43 percent to reach AED 20.14 billion in 2023, compared to AED 14.10 billion in 2022.

In fourth place, Emirates Islamic Bank came with profits of AED 473.87 million by the end of the fourth quarter of 2023, compared to profits for the same period in 2022 of AED 185.67 million, a growth of 150 percent.

In the last quarter of 2023, the bank’s total income reached AED 1.2 billion, a growth of 24 percent compared to the same period in 2022.

Emirates Islamic Bank’s net profits increased by 71 percent during 2023, reaching an unprecedented and highest level ever at AED 2.12 billion.

Fifth, came Dubai Commercial Bank, whose profits grew by 42 percent to reach 714 million dirhams by the end of the fourth quarter of 2023, compared to profits of 503 million dirhams by the end of the same period in 2022.

The bank's profits rose by the end of 2023 to AED 2.650 billion, compared to profits of AED 1.825 billion in 2022, a growth of 45 percent.

Total operating income also increased by 30 percent to reach AED 4.937 billion by the end of 2023, compared to AED 3.812 billion in 2022.

In sixth place came Emirates Investment Bank, which achieved profits of AED 27.18 million by the end of the fourth quarter of 2023, a growth of 133 percent, compared to profits for the same period in 2022 of AED 11.63 million.

The bank turned profitable by the end of 2023, achieving profits of AED 107.5 million, compared to losses in 2022 of AED 23.7 million.

In contrast, Ajman Bank turned to losses by the end of the fourth quarter of 2023, compared to profits for the same period in 2022.

The bank incurred losses of AED 303 million by the end of the fourth quarter of 2023, compared to profits of AED 49.45 million by the end of the same period in 2022.

The bank recorded losses of AED 390.4 million by the end of 2023, compared to profits of AED 162.1 million in 2022.

Credit loss expenses on financial assets increased to AED 730 million by the end of 2023, compared to AED 70.7 million in 2022.

Impairment losses on non-financial assets also increased to AED 59.2 million in 2023, compared to AED 12.1 million in 2022.

The announced financial data revealed that the net profits of these companies reached 238.6 billion dirhams during the year 2023, compared to the profits of 200.14 billion dirhams in 2022, an increase of 38.46 billion dirhams.

On the Abu Dhabi Securities Exchange, financial data showed that 70 companies listed on the market achieved a growth of 9.33 percent to reach 158.9 billion dirhams in 2023, compared to profits of 137.1 billion dirhams in 2022, an increase of 12.8 billion dirhams.

In the Dubai Financial Market, the profits of 42 listed companies grew by 47.5 percent to reach AED 79.7 billion in net profits during 2023, compared to profits of AED 54.04 billion at the end of 2022, an increase of AED 25.66 billion.