Abu Dhabi banks’ net income amounts to AED9.55 in Q2-2020

ABU DHABI, 15th October, 2020 (WAM) -- Commercial and Islamic banks operating in Abu Dhabi recorded a total net income of around AED9.55 bn in Q2 of 2020, according to data issued by the Statistics Centre-Abu Dhabi (SCAD).

The net income of traditional (commercial) banks in Abu Dhabi from interests, investments and other sources of income totalled AED8.5 billion, accounting for 89 percent of the sector’s total income, while Islamic banks comprised the remainder.

The statistics also show that the total value of net interests was AED4.88 bn in the second quarter against AED3.956 bn in the corresponding quarter of 2019. The investment income amounted to AED1.366 bn, other sources of income for AED2.25 bn, while Islamic banks' net income reached AED1.05 bn.

In terms of wages, salaries, cash compensations and in-kind benefits, the data pointed out that the employee’s share of total compensations amounted to AED37,305 in the reference period, compared to AED38,211 for the corresponding period in 2019. A total of 10937 employees are working in these banks, according to the SCAD.