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06/09/2017 - 16:30hs

Abu Dhabi banks see net income of USD 2.4 billion

Financial institutions of the emirate registered a net income of AED 9 billion (USD 2.45 billion) from April to June, an increase of 4.6% over the same months of 2016.

São Paulo – The Abu Dhabi commercial banks registered a net income of AED 9 billion in this year’s Q2, according to information released this Wednesday (6) by United Arab Emirates news agencies based on data from the emirate’s Statistics Centre. The amount is worth USD 2.4 billion by the current foreign exchange peg.

There was an increase of 4.6% over the same months of last year, when financial institutions registered a net income of AED 8.6 billion (USD 2.3 billion). From this earned total, 5.2 billion (USD 1.4 billion) came from net interest income.

“The growth recorded in bank income reflects the resilience of the banking sector as compared to other GCC states despite the global economic slowdown,” said banking expert Manal Al Shanti to the Emirates News Agency (WAM).

The interest rates for personal loans stood at 9.76% per year in this year’s Q2. In the same period of 2016, it stood a little higher at 9.81%. Meanwhile, interest rates for corporate loans stood at 7.97% per year from April to June, above the 7.67% in the same months of last year.

The report by the Statistics Centre – Abu Dhabi also shows that the emirate’s commercial banks employed 12,105 people at the end of Q2, below the number of employees they had at the end of June 2016, which was 13,001 people.

*Translated by Sérgio Kakitani

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