The photo has been used for illustrative purposes.
The net profits of eight national banks during the first nine months of this year reached about Dhs20.68 billion with a decline of 36.2 per cent compared to the profits for the same period last year, which saw Dhs32.42 billion as profits.
According to an analysis of the financial statements of these banks conducted by Al Khaleej newspaper, of which Gulf Today is a sister publication, the profits for the third quarter of this year decreased by about 40 per cent compared to the third quarter of 2019, bringing the total value of their quarterly profits to Dhs7.01 billion compared to Dhs11.69 billion recorded in the third quarter of last year.
The impairment provisions for the eight banks increased by about 103 per cent during the first nine months of 2020 to Dhs16.6 billion, compared to Dhs8.2 billion for the same period in 2019.
As for the quarterly level, the increase in provisions in the third quarter of this year was 29 per cent less than the third quarter of 2019, and the value of the quarterly allocations to the eight banks reached Dhs4.4 billion in the third quarter of 2020, compared to Dhs3.42 billion in the third quarter of last year.
The eight banks are Emirates NBD, First Abu Dhabi Bank, Dubai Islamic Bank, Abu Dhabi Commercial Bank, Sharjah Islamic Bank, National Bank of Ras Al Khaimah, Dubai Commercial Bank and National Bank of Umm Al Quwain.
The UAE’s is expected to reach $700 billion by 2025. Fifty-one per cent of the country’s wealth is owned by individuals whose net worth is more than $5 million.
Ras Al Khaimah police also transported about 170 other people from the mountains after they were stranded.
The NCM has expected that the volatile weather may remain likely today with rainfall of different intensities over most areas of the country, associated with thunder activity at times and hailstones fall.
The UAE Space Agency has launched a new competition offering up to Dhs4 million in funding for next-generation proposals that address climate change
Aside from the Expo 2020 Dubai being a fertile ground for essential and probably at-the-moment incomprehensible discoveries for what lies ahead,
Expo 2020 Dubai is playing a big role in the growth of the UAE retail sector as the numbers of the global visitors are increasing every passing day after its official opening on October 1, 2021.