Assets of 10 UAE banks jump to AED1.3 trillion in Q1-2019

ABU DHABI, Total assets of the 10 UAE banks which disclosed their Q1-2019 financial statements soared to AED1.3 trillion, 3.1 percent up from AED1.26 trillion during the corresponding period last year.

According to financial analysts and international consultancy firms, the financial statements released recently by the UAE banks have beaten expectations, with the national banks outperforming other sectors in the country.

The asset growth coincides with a hike in net profit posted by these banks to AED6.76 bn in Q1-2019, a 12 percent growth as compared to the same period in 2018.

Up to AED984 bn in credit facilities were provided by these banks during Q1-2019, up 6.6 percent from AED922.8 bn during the same period in 2018.

Source: Emirates News Agency