A total of 110 listed companies in the UAE reported profits worth Dh31.9 billion ($8.68 billion) during the first half (H1) of the year, as compared to Dh32 billion in the corresponding period last year, a report said.

The positive financial results announced by national banks for the first six months of the year are fairly good given the unsatisfactory performance made by some companies whose profits declined after they had reconsidered some of their investment plans, reported Wam, the Emirates official news agency.

The banking sector's profits account for 59.5 per cent - Dh19 billion- of the total gains made by the listed companies which disclosed their H1 financial statements.

In more detail, 12 banks listed at ADX secured profits of Dh11.22 billion, a growth of 2.3 per cent from Dh11 billion in the first half last year.

Seven banks listed at DFM made profits of Dh7.87 billion, an increase of 7.8 per cent from Dh7.3 billion in the same period last year.

At the telecommunications sector, net profit of Dh4.9 billion was secured, accounting for 15.3 per cent of the total gains made during the first half of the year, with the property sector profit standing at Dh3.8 billion - 11.9 per cent of the total.