UAE banks’ profits surge 35% to $4.98bn in Q1: report

RIYADH: The UAE’s banking sector recorded a 35 percent growth in net profits to 18.3 billion dirhams ($4.98 billion) during the first quarter of 2023, reported global professional services firm Alvarez & Marsal.

This boost in profitability resulted from improved cost efficiencies, lower impairment charges, and increased non-core income.