Dubai banks' profits grow 40% to 10 billion dirhams in the third quarter

The profits of banks listed on the Dubai Financial Market increased by 40.41 percent at the end of the third quarter of this year, compared to the profits of the corresponding period last year. Supporting the growth of Emirates NBD Bank’s profits.

According to statistics prepared by Mubasher based on the financial data announced on the Dubai Financial Market, the profits of these banks amounted to 10.101 billion dirhams by the end of the third quarter of 2023, compared to profits of 7.194 billion dirhams achieved by the end of the third quarter of 2022.

Emirates NBD came at the top of the list, with profits of 5.220 billion dirhams achieved by the end of the third quarter of 2023, compared to profits for the same period in 2022 amounting to 3.776 billion dirhams, a growth of 38.25 percent.

Emirates NBD's profits also increased by 92 percent by the end of the first nine months of this year, compared to the profits of the same period last year.

The bank’s profits amounted to 17.459 billion dirhams at the end of the first nine months of 2023, compared to profits of 9.073 billion dirhams achieved at the end of the first nine months of 2022.

Total operating income increased by 44 percent to reach 32.718 billion dirhams at the end of the first nine months of 2023, compared to 22.693 million dirhams at the end of the same period in 2022.

In second place was Mashreq Bank , whose profits grew by 89.32% by the end of the third quarter of 2023, compared to the profits of the third quarter of 2022.

The bank achieved profits of 2.251 billion dirhams by the end of the third quarter of this year, compared to profits for the same period in 2022, amounting to 1.189 billion dirhams.

Mashreq Bank achieved profits of 5.768 billion dirhams by the end of the first nine months of 2023, compared to profits of 2.598 billion dirhams achieved at the end of the same period in 2022, a growth of 122 percent.

Total operating income increased by 52 percent to reach 7.906 billion dirhams by the end of the first nine months of 2023, compared to 5.203 billion dirhams at the end of the similar period in 2022.

Dubai Islamic Bank came in third place, and its profits grew by 91.68 percent by the end of the third quarter of 2023, compared to the profits of the third quarter of 2022.

The bank's profits amounted to 1.647 billion dirhams at the end of the third quarter of this year, compared to the profits of the third quarter of last year amounting to 1.376 billion dirhams.

The bank's profits increased by 16 percent at the end of the first nine months of 2023, compared to profits for the first nine months of 2022.

The bank achieved profits of 4.696 billion dirhams by the end of the first nine months of this year, compared to profits for the first nine months of last year of 4.045 billion dirhams.

Operating revenues increased by 12 percent by the end of the first nine months of 2023, reaching 8.547 billion dirhams, compared to 7.652 billion dirhams during the similar period in 2022.

Fourth, Commercial Bank of Dubai’s profits increased by 55.85 percent at the end of the third quarter of 2023, compared to the profits of the third quarter of 2022.

The bank's profits amounted to 710 million dirhams at the end of the third quarter of this year, compared to profits of 455 million dirhams achieved at the end of the same period last year.

The bank's profits also increased by 46 percent by the end of the first nine months of this year, compared to profits for the same period last year.

The bank achieved profits of 1.935 billion dirhams by the end of the first nine months of this year, compared to profits for the first nine months of last year of 1.322 billion dirhams.

Total operating income increased by 37 percent to reach 3.716 billion dirhams compared to the end of the first nine months of this year, with 2.719 billion dirhams at the end of the same period last year.

Fifthly, came Emirates Islamic Bank , whose profits increased by 23.18 percent at the end of the third quarter of this year, compared to the profits of the third quarter of last year.

The bank achieved profits of 435 million dirhams by the end of the third quarter of 2023, compared to profits of 353 million dirhams achieved by the end of the third quarter of 2022.

Emirates Islamic Bank's profits increased by 56 percent year-on-year during the first nine months of this year.

Profits for the period ending September 30, 2023 recorded about 1.65 billion dirhams, driven by an increase in funded and unfunded income. This reflects the improved business landscape.

Total income since the beginning of the year reached 3.5 billion dirhams, an increase of 62 percent compared to the same period last year.

Total assets rose to 86 billion dirhams, thus maintaining a solid asset base, and financing activities receivable to customers increased by 7 percent from the end of 2022 to reach 52 billion dirhams.

Sixth, Ajman Bank , which recorded losses of 189.65 million dirhams at the end of the third quarter of 2023, compared to profits of 37.69 million dirhams at the end of the third quarter of 2022.

Ajman Bank also turned to losses with the results of the first nine months of the current year 2023, and Ajman Bank’s losses recorded about 87.3 million dirhams at the end of the period ending September 30, 2023, compared to achieving profits of 112.6 million dirhams achieved during the same period in 2022.

The bank attributed the reasons for recording losses during the current period to the increase in the provision for expected credit loss on financial assets to reach 274.7 million dirhams, compared to 77.8 million dirhams during the same period last year.

Seventh came Emirates Investment Bank, whose profits jumped by 405 percent at the end of the third quarter of this year, compared to the profits of the same quarter of 2022.

The bank achieved profits of 25.75 million dirhams at the end of the third quarter of 2023, compared to profits of 5.09 million dirhams at the end of the third quarter of 2022.