UAE-Based Bank Reports Rise In Income, Profit For H1

Editorial Staff

29 July 2022

UAE-based , which provides services including private banking, yesterday reported total income of AED1.37 billion ($373 million) in the first six months of 2022, rising 16 per cent year-on-year, delivering a net profit of AED701 million, rising 23 per cent.

The bank’s cost/income ratio stood at 43.3 per cent, while costs rose 13 per cent to AED594 million in the six months to the end of June from a year before, it said in a statement yesterday.

Impairment allowances fell 12 per cent on improved business sentiment.

Customer deposits, at AED54 billion, rose by 15 per cent from the end of last year.

“Our solid performance was based on higher funded and non-funded income, and higher customer financing reflecting the UAE’s positive economic sentiment. We have also benefitted from a significant reduction in the cost of risk supported by a strong economy,” Hesham Abdulla Al Qassim, chairman, said.