UAE’s major banks’ net profit rises in H1 on higher interest income: Moody’s

RIYADH: Net profits of the UAE’s four largest banks surged in the first half of 2022 on the back of higher income from interest and lower provisioning charges, according to Moody’s.

The four banks — the First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank and Dubai Islamic Bank — account for over 70 percent of the UAE’s banking assets as of June 2022. 

According to the report, the banks reported a combined net profit of $4.4 billion, up 10 percent from $3.9 billion in the same period in 2021.