FOREWORD Alvarez & Marsal Middle East Limited (A&M) is delighted to publish the
Q2’19 edition of the UAE Banking Pulse (“The Pulse”). In this quarterly
series, we share results from our research examining the top ten largest
listed UAE banks by assets, and highlight key performance indicators of
the UAE banking industry. The Pulse aims to help banking executives
and board members stay current on industry trends.
All the data used in this report has been obtained from publicly available
sources and the methodology for the calculations is discussed in the
glossary. Calculation of several metrics has been changed from the
previous version to accommodate available information.
We hope that you will find the Pulse useful and informative.
Disclaimer:
The information contained in this document is of a general nature and has been obtained from publicly available information
plus market insights. The information is not intended to address the specific circumstances of an individual or institution. There
is no guarantee that the information is accurate at the date received by the recipient or that it will be accurate in the future. All
parties should seek appropriate professional advice to analyze their particular situation before acting on any of the information
contained herein2
Authors
3
18+ years of international experience in
management consulting and industry
Focuses on strategic and performance-related
matters in financial institutions, sovereign wealth
funds, family businesses, real estate, private equity
and private investments
Emirati National, frequent speaker and moderator in
Banking & Finance events
Board member of the Bahrain Fintech Bay
Dr. Saeeda Jaffar
Lead Author, Managing Director
Asad Ahmed
Co-Author, Managing Director
30+ years of experience in banking
Focuses on performance improvement,
turn-around, credit management, and formulating
and managing strategic and operational changes in
financial institutions
Expertise in Financial Inclusion and creation of
digital wholesale and retail banks
Former CEO of banks in the UAE & Kenya
Served on the governing council of the Kenyan
Bankers’ Association
Neil Hayward
Co-Author, Managing Director
18+ years experience in turnaround and
restructuring in the Middle East, Europe as well as
the U.S.
Focuses on financial services and is an expert in
restructuring both conventional finance and Islamic
finance facilities
Advises financially distressed companies including
playing a major role as a board member
Phone: +97145671065
CONTACT
DETAILS
UAE Macro & Sector Overview
1 UAE Central Bank and IMF forecasts, 2 US Board of Federal Reserve, 3 UAE Central Bank, 4 Company filings, The spurt
in Q2,19 revenues is largely attributable to consolidation of UNB and Al-Hilal Bank into ADCB’, ENBD net income
adjusted for one time gain of AED 2.0bn from disposal of stake in jointly controlled entity 5 Bloomberg & Axience research, 6 Bloomberg and Axience research; * Data of top 10 UAE banks shortlisted on the basis of asset size as of June 30,2019
Macro overview Banking overview Q2’19
The US Federal Reserve reduced its funds rate in Jul'19
for the first time since 2008
The Fed reduced its benchmark interest rate by 25 bps to
2.25% in Jul’19 and indicated the possibility of a
further cut this year to support the record-long US
economic expansion
The move was likely driven by fears of global economic
slowdown, intensifying US-China trade tensions, and
lower inflation
During Q2’19, major initiatives were announced such as
freehold law and launch of Golden Card to boost
economic diversification and stimulate demand in real
estate sector
Despite collective efforts, sector continues to remain under
pressure and may lead to higher delinquencies for banks
The UAE banks’ exposure to sector though declined in Q2’19,
remains at a level which presents a concentration risk
19.9
20.621.0
21.8
20.3
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
Real Estate & Construction as % of Total Loans5*
1.82.0
2.32.5 2.5 2.5
Q1
'18
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
US Fed Funds Rate2, %
The top ten UAE banks reported steady performance in top line during Q2’19 but well below the 2018 average of 5.6%, as the economy continued to recover at a slow pace
Major banks including FAB, ENBD, and DIB reported significant impairments, averaging 12.9%, which adversely impacted the bottomlines
For the rest of 2019, margins are likely to stay under pressure due to rate cut in Jul’19 and expected cut in Sep’19
Downward revisions in interest-bearing deposits (~47% of bank total deposits) are likely to reduce cost of funding and ease pressure from lower yields
In Q1'19 GDP grew by 2.2% YoY, backed by steady performance in non-oil sector, which was up 1.6% YoY
The GDP is projected to grow by 2.0% in FY19 primarily driven by a robust government spending, policy reforms, and healthy private sector performance
The average Q2’19 Emirates NBD Purchasing Managers’ Index (PMI) stood at the highest level since Q2’14 as private sector gained momentum in the last two quarters
7.35.8
7.0
0.5
6.5
3.0
-0.2
6.9
0.7
-0.6
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
UAE Bank’s Profitability4, %*
Revenue % QoQ Net Income % QoQ
1.7
2.2 2.2 2.0
1.6 2.0
3.3
2018
Q1
'19
Q2
'19
E
Q3
'19
E
Q4
'19
E
2019E
2020F
UAE GDP Growth Rate1, %
M2, one of the best indicators for the availability of
liquidity in the economy, registered a large increase of 1.7%
YoY in Q2’19
M2 was up primarily because of quarterly increase in
non-government resident deposits, which jumped 1.5%
YoY to AED 1,273.7bn
The YTD average oil price of about $66 per barrel is close to
the UAE's 2019 fiscal break even level of $65 per barrel,
which is expected to support the fiscal balances
The pace of M&A activity could slowdown owing to less-
supportive ownership structures i.e. banks with lesser
common owners
However increasing regulatory requirements, digital spending,
and competition are likely to support the case for
consolidation in the sector
During Q2’19 ADCB, UNB, and Al-Hilal Bank merged
to create the #3 bank in the country with AED 416bn
of assets
3.7
-3.0
-3.1
0.3 5
.4
-0.8
1.4
0.5
-2.3
1.3 1.5 1.72
.7
1.8
0.7 1
.4 1.8
0.8
Q1
'18
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
E
UAE Money Supply3, %
M1 M2 M3
0
2
4
6
8
0
5,000
10,000
15,000
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
UAE Banking M&A Deals6
Deal Value AED mn # of deals
4
Pulse: NIMs up marginally amid tightening liquidity conditions
Note 1: QoQ stand for quarter over quarter
Note 2: Growth in loans & advances and deposits were presented QoQ instead of YoY
Note 3: Quarterly income was used in the calculation of operating income growth
Source: Financial statements, Investor presentations, A&M analysis
Metric Q1’19 Q2’19 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19
SizeLoans and Advances Growth (QoQ) 1.5% 7.7%
Deposits Growth (QoQ) -0.5% 8.5%
Liquidity Loan-to-Deposit Ratio (LDR) 88.3% 87.6%
Income &
Operating
Efficiency
Operating Income Growth (QoQ) -0.5% 4.3%
Operating Income / Assets 3.6% 3.6%
Non-Interest Income(NII) / Operating Income 32.6% 31.5%
Yield on Credit (YoC) 7.1% 7.2%
Cost of Funds (CoF) 2.1% 2.2%
Net Interest Margin (NIM) 2.5% 2.5%
Cost-to-Income Ratio (C/I) 31.8% 32.9%
RiskCoverage Ratio 108.6% 113.8%
Cost of Risk (CoR) 0.8% 0.9%
Profitability
Return on Equity (RoE) 15.6% 14.7%
Return on Assets (RoA) 1.9% 1.8%
Return on Risk-Weighted Assets (RoRWA) 2.8% 2.6%
Capital Capital Adequacy Ratio (CAR) 17.4% 17.6%
Key Trends of Q2’19
1
2
3
4
5
6
7
8
The volatility seen in bank size for Q2’19 was driven by
the consolidation of UNB and Al-Hilal Bank into ADCB
ROA declined by 1bp due to lower profit margins.
The CAR improved marginally due to improvement in
risk weighted assets
The RoE for Q2’19 was mainly impacted by
consolidation of ADCB, UNB and Al-Hilal, which
resulted in 67% increase in ADCB’s equity compared
to 2.5% increase in net income
The CoR is up marginally as Net Loan Loss provisions
increased during the quarter
The increase in C/I ratio was primarily due to ADCB’s
consolidation with UNB & Al-Hilal bank, which
increased from 34.9% to 40.2%
NIM remained stable during the period
The operating income was negatively impacted by
increased impairment charges at leading banks (64%
of total impairments) and higher cost of funding
Excluding ADCB impact QoQ growth in deposits
(2.8%) exceeded L&A growth (1.6%)
Improved Stable Worsened
5
Muted L&A growth puts pressure on margins amid rising deposits
Note: MS stands for market share
Source: Financial statements, Investor presentations, A&M analysis
** Excluded ADCB due to higher ratios driven by consolidation of Al-Hilal bank 6
Excluding ADCB banks maintained
steady QoQ growth with deposits (up
2.8%) and L&A (up 1.6%)
RAK bank reported the highest
deposits growth of 9.7% and increase
in loans & advances of 2.4%
Mashreq, SIB, DIB and ADIB deposits
declined by 3.8%, 1.9%, 1.4% and
0.8%, respectively. However, for the
same banks L&A increased by 1.2%,
1.0%, 3.8% and 1.0%, respectively
leading to tight liquidity position
KEY TAKEAWAYS**
L&A Growth QoQ (%)
Deposits Growth QoQ (%)
Lost Depositing &
Financing MS
Gained Financing MS
Gained Deposits MS
Gained Deposits &
Financing MS
Q2’19 Av
2.8%
1.6%
1
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
(6.0) (4.0) (2.0) - 2.0 4.0 6.0 8.0 10.0 12.0
Loans to Deposits Ratio (%)
Q1’19 AvQ1’19
Q2’19 AvQ2’19
87.8%
86.8%
Liquidity conditions seemingly tightened amid slowing deposit growth for select banks
Excluding ADCB, LDR decreased to
86.8% in Q2’19 from 87.8% of Q1’19;
the decrease was primarily attributable
to lower growth in L&A (1.6%) versus
deposits growth (2.8%)
However the LDR for DIB, Mashreq,
and CDB increased sharply to the
range of 90%-100% as these banks
witnessed increase in L&A against
falling deposits
Note: The green zone is an area of healthy liquidity
Source: Financial statements, A&M analysis
** Excluded ADCB due to higher ratios driven by consolidation of UNB and Al-Hilal bank 7
KEY TAKEAWAYS**
1
Total Asset (AED Bn)
70
75
80
85
90
95
100
105
110
115
- 100 200 300 400 500 600 700 800
Millions
Operating income largely flat amid rising costs
Note: Some numbers might not add up due to rounding
Source: Financial statements, investor presentations, A&M analysis 8
The 4.3% increase in operating income
was primarily driven by ADCB which
reported a 26.8% QoQ increase in NII
The increase in NII for ADCB was due
to consolidation of UNB and
Al-Hilal bank in its Q2’19 earnings
Excluding ADCB’s consolidation
impact, the operating income improved
marginally by 1.4%
KEY TAKEAWAYS
19.2 19.3
20.3 20.2
21.0
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
5.8 5.6 5.7 6.6 6.6
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
13.5 13.7
14.6
13.6
14.4
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
Quarterly NII
(AED Bn)
Quarterly Operating Income
(AED Bn)
Quarterly Net Fee commission and other
Operating Income (AED Bn)
+
Improved Stable Worsened
2
NIM improved marginally as yields on credit edged-up
Note: Relation between elements above represents a functionality and not necessarily an exact mathematical formula
Source: Financial statements, Investor presentations, A&M analysis 9
NIM improved marginally by 3bps in
Q2‘19 to 2.48% over Q1’19
The improvement was largely driven by
increase in loans and advances, and a
stabilized yield on credit
The increased competition for deposits
and tighter liquidity continue to push up
the cost of funds
KEY TAKEAWAYSYield On Credit
(Quarterly Annualized)
Net Interest Margin
(Quarterly Annualized)
Cost of Funds
(Quarterly Annualized)
–
2.6% 2.6%2.7%
2.5% 2.5%
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
1.7% 1.8% 1.9% 2.1% 2.2%
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
6.5%6.8%
7.1% 7.1% 7.2%
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
88.2%87.3%
86.5%
88.3%87.6%
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
Loan-to-Deposit Ratio (LDR) x
3
1.7
2.7
2.4
2.8
2.7
3.0
2.6
5.3
2.9
3.0
1.8
2.6
2.6
2.8
2.7
3.1
2.5
5.1
3.0
3.1
Mixed trend seen in NIM for the coverage universe
Half of the banks within coverage
universe witnessed an improvement
in NIM
FAB, ADIB, SIB, ADCB, and EIB
witnessed an expansion ranging from
0.05% to 0.23% in NIM in Q2’19
The anticipated US Fed funds rate cut
in July’19 impacted loan pricing in
Q2’19 for some banks
Note: Some numbers might not add up due to rounding
Source: Financial statements, investor presentations, A&M analysis 10
KEY TAKEAWAYSNet Interest Margin (%)
Improved Stable Worsened
2.5%
2.5%0.07
-0.06 0.23 -0.09 -0.030.05
-0.13
0.080.10
-0.13
Q1’19 Q1’19 Av Q2’19 AvQ2’19
3
6.5 6.4 6.7 6.4 6.9
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
C/I ratio excluding ADCB improved during the quarter
Note: Some numbers might not add up due to rounding
Source: Financial statements, investor presentations, A&M analysis 11
Increase in C/I ratio was primarily
attributable to consolidation of UNB and
Al-Hilal bank into ADCB
The consolidation resulted in 46.3%
higher SG&A cost for the bank which
impacted overall coverage cost pushing
up the C/I ratio
Excluding ADCB, C/I ratio was 31.7%
for Q2’19 as compared with 31.4% in
the previous quarter
KEY TAKEAWAYS
Improved Stable Worsened
Quarterly Operating Expenses
(AED Bn)
Cost to Income Ratio
(%, Quarterly Annualized)
Quarterly Operating Income
(AED Bn)
/
19.2 19.3 20.3 20.2 21.0
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
33.6% 33.4% 32.9%
31.8%32.9%
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
4
26
.6
29
.4
34
.9
26
.0
41
.5
45
.2
26
.9
38
.4
30
.3
40
.7
26
.5
29
.8
40
.2
25
.1
44
.2
45
.6
31
.1 3
9.9
29
.9
40
.8
-0.09
0.39
5.35
-0.83
2.700.32
1.46
-0.37
0.07
4.16
Rising staff costs pushed the SG&A expenses up for most banks
Seven banks from the coverage
universe, witnessed increase in their
C/I Ratios
ADCB, CBD and Mashreq exhibited the
highest increase of 5.3%, 4.2%, and
2.7%, respectively in C/I ratio
The increase in ADCB’s C/I ratio was
primarily attributable to 46% increase in
SG&A due to consolidation impact
The C/I ratio declined for FAB, SIB,
and DIB by 0.1%, 0.4%, and 0.8%
respectively
Note: Scaling and some numbers might not add up due to rounding
Source: Financial statements, investor presentations, A&M analysis 12
KEY TAKEAWAYSCost to Income Ratio (%, Quarterly)
Improved Stable Worsened
32.9%
31.8%
4
Q1’19 Q1’19 Av Q2’19 AvQ2’19
Cost of Risk increased due to increase innet loan loss provisions
Note: Scaling and some numbers might not add up due to rounding
Source: Financial statements, investor presentations, A&M analysis 13
The CoR was marginally up at 0.9% as
banks increased their net loan loss
provisions by 15.0% in the quarter
The CoR is likely to increase further on
account of pressure seen in the real
estate, hospitality, and retail sector
amid softening economic conditions
KEY TAKEAWAYSQuarterly Net Loan Loss Provisions
(AED Bn)
Cost of Risk
(%, Quarterly Annualized)
Average Gross Loans
(AED Bn)
/
0.7%0.7%
0.8% 0.8%
0.9%
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
2.4 2.5 2.6 2.6 3.0
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
1,325 1,351 1,356
1,379
1,481
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
Improved Stable Worsened
5
44.0
63.5
75.6
91.6
142.5
91.6
156.9
398.8
1.0
(16.7
)
49.6
71.8
99.9
97.9
118.9
77.8
112.0
356.9
23.8
127.4
5.538.36 24.21
6.37
-23.62
-13.84
-41.93
22.82
144.14-44.95
Cost of Risk improved for four of the top ten banks
CBD, RAK, Mashreq, and ADIB banks
reported the highest decline in CoR
of 45 bps, 42 bps, 24bps, and
14bps, respectively
EIB, ADCB, and SIB witnessed the
highest increase in CoR of 144bps,
24bps, and 21bps, respectively
Note: Scaling and some numbers might not add up due to rounding
Source: Financial statements, investor presentations, A&M analysis 14
KEY TAKEAWAYSCost of Risk (bps) – net of reversals
85.2
77.4
5
Improved Stable Worsened
Q1’19 Q1’19 Av Q2’19 AvQ2’19
0
7
13
20
26
- 100 200 300 400 500 600 700 800 900
Millions
RoE increased for six out of ten banks
The Q2’19 reported RoE for the
coverage companies was 14.7%
compared with 15.6% in Q1’19
The consolidation of UNB and Al-Hilal
bank into ADCB increased ADCB’s
equity by 66.5% and net income by
2.5% which largely impacted the
coverage RoE in Q2’19
In addition, higher net impairments
impacted EIB’s RoE, which declined
to 13.4% in Q2’19 from 22.1%
during Q1’19
Excluding ADCB, RoE for Q2’19
declined to 15.4% from 15.8% in Q1’19
Source: Financial statements, Investor presentations, A&M analysis 15
KEY TAKEAWAYS
Return on Equity (%)
Q1’19 Q1’19 Av
Q2’19 AvQ2’19
6
15.6
14.7
Asset Size (AED Bn)
Overall a lackluster quarter but earnings likely to stay under pressure
Note: All the charts above are based on L3M numbers
Op Income stands for Operating Income
Scaling and some numbers might not add up due to rounding
Source: Financial statements, Investor presentations, A&M analysis 16
RoE declined to 14.7%, driven by an
increase in CoR and higher
provisioning during Q2’19
NIM continues to be under pressure
amid slowing loan disbursals and
increasing deposits
Tighter liquidity conditions and
downward revisions to interest rates
are likely to put pressure on banks’
margins going forward
KEY TAKEAWAYS
Net Interest Margin (%) Cost of Funds (%)
Non-Interest Income /
Op. Income (%)
Yield On Credit (%)
LDR (%)
Return on Equity (%)
16.2
15.3 14.7
15.6
14.7
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
Return on Assets (%)
1.9
1.9
2.0 1.9
1.8
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
Assets / Equity (x)
7.5 7.6
7.5
7.7
7.6
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
30.0 29.1
28.2
32.6 31.5
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
2.6 2.6 2.7 2.5 2.5
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
6.5 6.8
7.1 7.1 7.2
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
1.7 1.8 1.9 2.1 2.2
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
88.2
87.3
86.5
88.3 87.6
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
Improved Stable Worsened
Cost / Income Ratio (%)
Cost of Risk (%)
Op. Income / Assets (%)
33.6 33.4 32.9
31.8
32.9 Q
2'1
8
Q3
'18
Q4
'18
Q1
'19
Q2
'19
0.7 0.7 0.8 0.8
0.9
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
3.6 3.6 3.6 3.6 3.6
Q2
'18
Q3
'18
Q4
'18
Q1
'19
Q2
'19
7
GCC Banking Consolidation
GCC list of M&A transactions in banking sector YTD – June’19
Announcement
DateTarget Company
Target
CountryAcquirer Company % Sought
Consideration
(AED Mn)Deal Status
29-Jan-19Union National
Bank PJSCUAE Abu Dhabi Commercial Bank PJSC 100% 11,531 Completed
29-Jan-19 Al-Hilal Bank PJSC UAE Abu Dhabi Commercial Bank PJSC 100% NA Completed
15-Mar-19 Banque Saudi Fransi Saudi ArabiaOlayan Investments, Ripplewood
Advisors LLC5% 1,609 Completed
03-Apr-19Oman United Exchange
Co LLCOman Private Investor 25% NA Completed
10-Apr-19 Invest bank PSC UAEEmirate of Sharjah United
Arab Emirates50% 989 Completed
21-Apr-19 HSBC Saudi Arabia Ltd Saudi Arabia HSBC Holdings PLC 2% 31 Pending
07-Apr-19 Noor Bank PJSC UAE Dubai Islamic Bank PJSC 100% NA Proposed
12-May-19 Gulf Bank KSCP Kuwait Alghanim Industries Ltd 16% NA Completed
20-Jun-19 Warba Bank KSCP KuwaitKuwait & Middle East Financial
Investment Co KSCP- NA Proposed
Source: Bloomberg 17
Glossary
Metric Abbreviation Definition
SizeLoans and Advances Growth QoQ growth in EOP net loans and advances for the top 9
Deposits Growth QoQ growth in EOP customer deposits for the top 9
Liquidity Loan-to-Deposit Ratio LDR (Net EOP loans and advances / EOP customer deposits) for the top 9
Income &
Operating
Efficiency
Operating Income Growth QoQ growth in aggregate quarterly operating income generated by the top 9
Operating Income / Assets (Annualized quarterly operating income / quarterly average assets) for the top 9
Non-Interest Income /
Operating Income(Quarterly non-interest income / quarterly operating income) for the top 9
Net Interest Margin NIM(Aggregate annualized quarterly net interest income) / (quarterly average earning assets) for the top 9
Earnings assets are defined as total assets excluding goodwill, intangible assets, and property and equipment
Yield on Credit YoC (Annualized quarterly gross interest income / quarterly average loans & advances) for the top 9
Cost of Funds CoF(Annualized quarterly interest expense + annualized quarterly capital notes & tier I sukuk interest) / (quarterly average interest
bearing liabilities + quarterly average capital notes & tier I sukuk interest) for the top 9
Cost-to-Income Ratio C/I (Quarterly operating expenses / quarterly operating income) for the top 9
RiskCoverage Ratio (Loan loss reserves / non-performing loans) for the top 9
Cost of Risk CoR (Annualized quarterly provision expenses net of recoveries / quarterly average gross loans) for the top 9
Profitability
Return on Equity RoE(Annualized quarterly net profit attributable to the equity holders of the banks – annualized quarterly capital notes & tier I sukuk
interest) / (quarterly average equity excluding capital notes) for the top 9
Return on Assets RoA (Annualized quarterly net profit / quarterly average assets) for the top 9
Return on Risk-Weighted Assets RoRWA (Annualized quarterly net profit generated / quarterly average risk-weighted assets) for the top 9
Capital Capital Adequacy Ratio CAR (EOP tier I capital + tier II capital) / (EOP risk-weighted assets) for the top 9
Note: LTM and EOP stand for last twelve months and end of period respectively 19
Glossary (cont’d.)
Note: Banks are sorted by assets size
* As on 30th June 2019 20
Bank Assets (AED Bn)* Abbreviation Logo
First Abu Dhabi Bank 775.0 FAB
Emirates NBD 537.8 ENBD
Abu Dhabi Commercial Bank 416.7 ADCB
Dubai Islamic Bank 228.2 DIB
Mashreq Bank 136.4 Mashreq
Abu Dhabi Islamic Bank 124.7 ADIB
Commercial Bank of Dubai 78.4 CBD
Emirates Islamic Bank 61.1 EIB
National Bank of Ras Al-Khaimah 57.3 RAK
Sharjah Islamic Bank 44.3 SIB