UAE banks reported massive profit increases in the first three months of the year. National Bank of Fujairah, National Bank of Ras Al Khaimah, and Abu Dhabi Islamic Bank all reported healthy first-quarter business growth in the UAE.
The first-quarter growth figures are a sure sign of the UAE’s strong economic performance in the face of global uncertainty. National Bank of Fujairah (NBF) reported a 151.8 percent year-on-year increase in net profit for the three-month period to AED152 million, compared to AED60.4 million in the same period in 2022. This demonstrates the bank’s increased focus on quality business, an efficient funding base, and improved resilience, aided by significant local growth despite uncertain geopolitical conditions and a global environment.