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

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Tue, 2023-05-30 14:28

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.

According to the report, banks reported higher profitability as return on equity improved by 5.9 percent quarter on quarter to 19.3 percent. Reuters
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