Seven national banks announced a profit of 36.2 billion dirhams for the first nine months of the current year.
This confirms a good start for the banking sector, despite the complexities brought about by the current economic situation. Overall, the banking sector demonstrated resilience and the ability to adapt to changing conditions. Results indicate a solid base of banks in the UAE and their ability to effectively manage business even in unfavorable environments.
As noted in reports, the banking sector continues to be a key player in the country's economy, supporting financial sustainability and providing necessary support to the corporate and private sectors. It is important to note that these results highlight the healthy state of financial institutions in the UAE and their ability to function effectively in various economic conditions.
"This positive trend of banks' profitability in recent quarters is an encouraging signal and indicates a possible recovery of the banking sector in the near future," the report notes.
