Emirati banks report 11% higher assets in nine months

UAE – Mubasher: The total assets of ten Emirati banks jumped by 11.4% to AED 2.681 trillion during the first nine months of 2020, when compared to the same period of 2019, according to the Emirates News Agency (WAM).

The ten banks comprise First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Emirates NBD, Dubai Islamic Bank (DIB), National Bank of Ras Al Khaimah (RAKBANK), National Bank of Fujairah (NBF), Sharjah Islamic Bank, Commercial Bank of Dubai (CBD), National Bank of Umm Al Qaiwain (NBQ), and Emirates Islamic Bank (EIB).

The rise in assets is driven by higher deposits by 10.7% to AED 1.74 trillion by the end of September 2020, compared to AED 1.572 trillion by the end of September 2019.

The banks' credit facilities grew by 5% to AED 1.47 trillion in September 2020 from AED 1.4 trillion in the same month of 2019.

FAB topped the ten banks in terms of assets with AED 955 billion by the end of September 2020, followed by Emirates NBD with AED 692 billion and ADCB with AED 409 billion.

Meanwhile, FAB came on top of the banks in terms of deposits and loans with AED 602 billion and AED 389 billion, respectively.

 

Source: https://www.zawya.com/mena/en/business/story/Emirati_banks_report_11_higher_assets_in_nine_months-SNG_188783810/

 

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