UAE banks are not only posting strong results this year to date, but are also raising their profile both regionally and internationally.

The country’s major banks have reported healthy profit increases for the first nine months of 2014 compared to the same period last year.

National Bank of Abu Dhabi (NBAD) saw profits rise by 14.7 per cent to reach AED4.2bn ($1.14bn) by the end of September. Abu Dhabi Commercial Bank (ADCB) saw a similar hike of 16 per cent in net profits to reach AED3.179bn by 30 September. Dubai-headquartered banks also saw their profits rise.

One bank displaying the biggest leap in profits was UAE’s largest bank, the Dubai-based Emirates NBD, which reported an increase of 51 per cent in net profits for the first nine months to reach AED3.91bn.

Strong revenue flows from its trade finance and small and medium-sized enterprise (SME) businesses has fuel its growth, as has Dubai’s rebounding economy.

The bank’s strong performance helped it secure an upgrade to its ratings outlook from US ratings agency Moody’s Investors Service earlier this year. In July, the bank’s outlook was revised from negative to stable, with its rating of Baa1 remaining in place.

Emirates NBD was hit hard by the financial crisis when large local conglomerates, particularly Dubai World and Dubai Holding, started stalling their debt repayments.

Although the bank is producing strong profits and has a declining volume of non-performing loans, Moody’s forecast that its asset quality will continue to lag behind its banking peers.

The UAE’s banks are not only escaping the legacy of the financial crisis, but they are also eager to raise their profile.

The highly liquid banking market is playing a bigger role in funding the country’s infrastructure projects. Local banks are also carving out a greater share of the retail banking space. In September, Abu Dhabi Islamic Bank (ADIB) finalised its acquisition of the UAE retail business of UK bank Barclays.

The banks are also looking beyond UAE’s borders. Dubai Islamic Bank (DIB) has acquired a stake in an Indonesian Islamic bank this year and has also increased its presence in Kenya.

Financial institutions are also taking lead roles on high-profile transactions that are changing regional and global financial markets.

NBAD was a bookrunner on the first ever sukuk issuances made by the UK and Hong Kong governments, as well as the debut US dollar sukuk issuance by US firm Goldman Sachs. This was the first sukuk issuance by a Western financial institution.