Abu Dhabi’s Commercial and Islamic banks report Q1 net income close to AED 9.6 billion

By Backend Office, Desk Reporter
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    According to the latest data revealed by Statistics Centre-Abu Dhabi, Region’s Commercial and Islamic banks posted a total net income of around AED 9.6 billion in the first quarter of 2020.

    The net income of traditional banks from interests and investments in Abu Dhabi totaled at AED 8.5 billion, valuing for 88.5 percent of the sector’s total income, while Islamic banks valued for 12.5 percent.

    The statistics also reveal that the total value of net interest was AED 8.856 billion in the first quarter of 2020, while investment income was AED 1.5 billion where, Islamic banks contributed to AED 1.1 billion, and others for AED 2.14 billion.

    The Statistics Centre’s figures pointed out that the number of employees in Abu Dhabi commercial and Islamic banks at the end of the first quarter of this year was 10,886.

    The data pointed out that the employee’s share of total compensations amounted to AED 43,144 comprising of wages, salaries, cash compensations and in-kind benefits, in the first quarter of 2020, compared to AED 43,411 for the same period in 2019.