UAE leading banks report higher Q1 results

DUBAI: Most banks of the United Arab Emirates (UAE) are hardly affected by recent oil prices decline, according to the latest financial results for the first quarter by lenders, reports BSS/Xinhua.
The UAE’s biggest lender Emirates NBD (ENBD) on Wednesday reported a 60 percent increase year on year in net income for the first quarter, amounting to 1.671 billion dirham (455.31 million U. S. dollars). Revenue growth at the bank’s Sharia-compliant subsidiary Emirates Islamic was strong in particular, said the stock-listed lender.
The CEO of ENBD Shayne Nelson has told Xinhua that the outlook for the rest of 2015 remains bright despite the slump in oil prices.
In Abu Dhabi, FGB, formerly First Gulf Bank said its net profit also edged up by seven percent in the first quarter thanks to the rising domestic and overseas business.
Meanwhile, Commercial Bank of Dubai or CBD whose shares are traded on the Dubai financial market posted a tiny increase of 3.6 percent in the Q1 net profits which reached 295 million Dirham (80. 38 million U.S. dollars).
The bank’s CEO Peter Baltussen said the strong loan growth help the ninth biggest local lender to post a net income increase.
Abu Dhabi Commercial Bank, the fourth biggest bank in the Gulf Arab state, a major oil supplier, reported a 13 percent net income increase, reaching 1,249 billion dirham (340.32 million U.S. dollars).