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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

UAE’s top banks post 10% profit jump in H1 of 2022

The banks reported a combined net profit of $4.4 billion, up 10 percent from $3.9 billion in the same period in 2021.
  • The financial performance comes amid an improving environment in the UAE despite global macro-headwinds
  • The recovery reflected improving consumer confidence particularly given loosening pandemic restrictions, a strong vaccination roll-out, recovering oil prices

Dubai, UAE—UAE’s four largest banks have posted a huge jump in net profits in the first half of 2022 on the back of higher income from interest and lower provisioning charges, according to Moody’s.

The four banks — the First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank and Dubai Islamic Bank — account for over 70 percent of the UAE’s banking assets as of June 2022.

The banks reported a combined net profit of $4.4 billion, up 10 percent from $3.9 billion in the same period in 2021, according to the report.

“The performance takes into account the hyperinflationary accounting adjustment for one large UAE bank with a subsidiary operating in Turkey,’’ said Nitish Bhojnagarwala, vice president- senior credit officer at Moody’s Investor Service.

This happens as the operating environment in the UAE continues to recover despite global macro-headwinds.

The recovery reflected improving consumer confidence particularly given loosening pandemic restrictions, a strong vaccination roll-out, recovering oil prices and expectations of a reversal in the benchmark interest rates cycle.