In the words of Rick Ross “every day I'm hustling’ and that could not be more true for UAE banks. Earnings for FAB, ADIB, Commercial Bank, and Mashreq Bank have been released and are looking healthy!
First Abu Dhabi Bank, the UAE's biggest lender by assets announced that its first-quarter income more than doubled. Predominantly driven the sale of its stake in Magnati, the payments platform. Income figures for the bank stood at $1.4b. While rivals Abu Dhabi Islamic Bank had a strong quarter too with the bank announcing a net profit rise of 18% to $195m, this was due to a rise in revenue and lower impairments.
To keep the banking good times rolling, Commercial Bank of Dubai released its Q1 figures, showing a healthy profit of $117m, up by 32.6%. And not to be outdone by the others, Mashreq Bank's net profit soared to $165m, driven by a sharp drop in impairments.