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10 UAE banks report assets of over $475bn in Q1

UAE Business

The total assets of 10 UAE banks jumped to Dh1.75 trillion ($476 billion) by the end of Q1 2017, a 9.3 per cent growth from Dh1.6 trillion recorded over the same period last year, according to a new report.

The growth in assets of the 10 banks whose Q 1 financial statements were announced until April 20 is attributable to an increase in the value of bank deposits registered during the first quarter of the year, which amounted to Dh1.11 trillion, a 4.4 per cent increase over the same period last year, said the analysis from WAM, the Emirates official news agency.

The UAE banks continue to book robust growth despite the state of deceleration witnessed by the banking sector globally, according to banking sources who have cited the positive results recorded over the past three months as an example for the resilience boasted by UAE banks in comparison with other banks in the region.

According to UAE Central Banks statistics, the UAE banks’ solvency ratio has reached 19 per cent, which exceeds the requirements of Basel III, a comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector. The Central Bank started effective this year to apply part of these measures.

In a positive sign reflecting the growth posted by the UAE banks, a total of Dh23 billion in loans was provided over the first three months of the year by the banks whose Q1 financial statements were disclosed, bringing to Dh1.03 trillion their total loans, a 2.3 per cent increase over the same period in 2016.

In terms of assets, the First Abu Dhabi Bank, the new banking entity created by the merger of National Bank of Abu Dhabi and First Gulf Bank, came first with Dh682.4 billion worth of assets, followed by the Emirates NBD’s Dh452 billion assets, with both banks accounting for 64.8 per cent of the 10 banks’ total assets.

The Dubai Islamic Bank came third with of Dh187 billion of assets, followed by Mashreq Bank with Dh120.7 billion and then the Union National Bank with Dh104.6 billion of assets.

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