Finance & Capital Market

Abu Dhabi banks' Q1 net income totals $2.61bn

Commercial and Islamic banks operating in Abu Dhabi recorded a total net income of around AED9.6 billion ($2.61 billion) in the first quarter of 2020, according to data issued today by the Statistics Centre-Abu Dhabi.
The net income of traditional banks in Abu Dhabi from interests and investments totalled AED8.5 billion, accounting for 88.5 percent of the sector’s total income, while Islamic banks accounted for 12.5 percent, said a Wam news agency report quoting form the data.
The statistics also show that the total value of net interest was AED8.856 billion in the first quarter of 2020, while investment income amounted to AED1.5 billion, Islamic banks for AED1.1 billion, and others for AED2.14 billion.
The centre’s figures showed 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.
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 AED43,144 in the first quarter of 2020, compared to AED43,411 for the same period in 2019.