UAE banks show Q1 gains

24 May 2002

Low interest rates have failed to stifle the performance of three of the UAE's biggest banks in the first quarter of 2002. National Bank of Abu Dhabi (NBAD), Mashreqbankand Union National Bank (UNB)have all reported robust profits despite the slowdown in the world economy.

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).

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