Thursday, August 5, 2021

UAE’s first half 2021 bank results point to economic recovery gaining traction

Financials reflect improvement in profitability, cost efficiency and asset quality

Dubai: Financial results of UAE banks for the first six months of 2021 point to sustained improvement in profitability supported by gains in cost efficiency, improving asset quality and gains in non-interest income streams.

The overall gains in the bank results for the first half of the current year compared to the same period last year confirms the improvement in the economic conditions supporting credit growth and credit quality with lower cost of funds.

Abu Dhabi Commercial Bank (ADCB) reported a net profit of Dh2.52 billion for the first half of 2021, up 76 per cent compared to the same period in 2020.

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