Profits of 65 domestic and foreign companies listed on Abu Dhabi Securities Exchange (ADX) have reached Dh12 billion ($3.26 billion) in the first quarter (Q1) of 2017, growing by 19 per cent, compared with Dh10.4 billion in Q1 2016, a report said.

In the banking sector, 14 banks gained Dh5.825 billion of profits, representing 48.5 per cent of total profits for companies listed on ADX, and growing by 6.6 per cent in profits compared with Dh5.464 billion in Q1 2016, reported WAM, the official Emirates news agency.

In the telecommunications sector, three domestic and foreign companies gained Dh3.1 billion of profits in the first quarter, whereas profits in the services sector reached Dh1.61 billion, and Dh207 million of profits in insurance sector.

Meanwhile in the real estate sector profits reached Dh681 million, growing by 1.26 per cent compared with Dh673 million in Q1 of 2016. Profits of the energy sector reached Dh269 million.

Profits of the investment and financial services sector reached Dh116 million, and reached Dh143 million for the Industrial sector, and Dh112 million for the consumer stables sector.

The services sector scored the highest percentile growth in profitability in the first quarter with 444.23 per cent, followed by the Energy sector at 159.38 per cent, insurance sector 16.24 per cent, banking sector, 6.62 per cent, and real estate sector at 1.26 per cent.