São Paulo – The combined net profit numbers posted by 38 UAE-based companies listed with the stock markets of Abu Dhabi (ADX) and Dubai (DFM) reached AED 12.7 billion (USD 3.4 billion at current exchange rates) in Q1 this year, a 6.7% increase over Q1 2016, Emirates News Agency (WAM) reported this Thursday (4).
The banking sector accounted for 77% of profit, with a total of 18 banks. Their combined net profits was AED 9.6 billion (USD 2.6 billion), up 7.1% from Q1 2016. Emirates Islamic Bank posted the biggest growth in profit of all banks listed in both markets, and the Abu Dhabi Bank had single highest number.
*Translated by Gabriel Pomerancblum