UAE banks’ assets hit $734 billion in 2017

ABU DHABI, The UAE-based banks’ total assets surged to US$ 734 billion (AED2.693 trillion ) at the end of 2017 from AED 2.642 trillion by the end of Q3 in the same year, continuing to be on top of GCC-based banks in terms of assets for the third year running.

The resilient solvency of UAE banks comes on the back of rapid economic growth in the country despite the global and regional economic slowdown.

The Saudi Arabia-based banks come second, according to the survey conducted by the Emirates News Agency (WAM), with total assets hitting around $615 billion, followed by Kuwait’s banks with $212 billion worth of assets and Bahrain’s, $189 billion and finally Oman-based banks with $82 billion assets.

The First Abu Dhabi Bank comes second to none in comparison with other Gulf banks at all indices, with its assets hitting $182 billion by the end of last year, and a market value of $30.4 billion and net profit of around $3billion.

The Saudi National Commercial Bank’s assets amounted to $118 billion, followed by the National Bank of Kuwait with assets worth $86 billion, National Bank of Bahrain with $34 billion of assets n September 2017 and finally Bank Muscat of Oman with assets of $29 billion.

Source: Emirates News Agency