Unaudited net profits at NBAD, the UAE’s largest bank in terms of assets, were up by 5.1 per cent at AED 165.6 million ($43 million), while net interest income fell by 8.6 per cent to AED 175 million ($48 million) on figures for the corresponding period last year. Total assets grew by 6.6 per cent to AED 36,670 million ($10,000 million).

Mashreqbank also posted strong profit growth over the first three months. Net profits increased by 20 per cent to AED 124 million ($34 million), while total assets rose by 6.8 per cent to AED 24,244 million ($6,606 million).

Net profits at Abu Dhabi-based UNB increased by 30 per cent to AED 73 million ($20 million) in the first quarter, despite a 22 per cent slump in interest income to AED 165 million ($45 million). Total assets stood at AED 11,700 million ($3,200 million) at the end of the first quarter, up from AED 11,500 million ($3,100 million).