large uae banks post solid profitability
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

Large UAE banks post solid profitability

Arab Today, arab today

Arab Today, arab today Large UAE banks post solid profitability

Large UAE banks post solid profitability
Jeddah - Arab Today

The five largest banks in the United Arab Emirates (UAE) posted solid profitability in the fourth quarter of 2016, said a report published by Moody’s Investors Service. 
The five UAE banks are Emirates NBD PJSC, National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank and Dubai Islamic Bank PJSC. 
“We expect the five large UAE banks’ core profitability to remain solid over the next 12-18 months,” says Nitish Bhojnagarwala, assistant vice president at Moody’s. 
“However, we anticipate pressure from rising funding costs as liquidity continues to tighten, and as banks increase their reliance on wholesale funding,” he added. 
The five banks reported a solid combined net profit of AED6.8 billion ($1.8 billion) in the fourth quarter of 2016, despite a decline in UAE’s non-oil real gross domestic product (GDP) growth to 2.5 percent in 2016 from a 2012 peak of 6.4 percent, weighed down by weak oil prices. 
“This performance was underpinned by higher fee and commission income from retail and corporate lending services. Overall, the core operating income was stable when compared with Q4 2015 and 2 percent higher versus Q3 2016,” said Bhojnagarwala. 
This helped offset a modest increase in operating expenses as well as higher funding costs, which rose to 1.2 percent from 0.9 percent a year earlier due to tightening liquidity conditions. 
Impairment charges were also lower for most of the peer group in the fourth quarter, as previous significant increases in loan loss coverage ratios have resulted in adequate financial buffers. 
“We expect a rise in impairment charges in 2017, however, driven by the continued economic slowdown,” added Bhojnagarwala. 
Overall net profitability in the fourth quarter of 2016 was 2 percent lower than in the third quarter of the same year, and down 5 percent from the fourth quarter of 2015, largely driven by decline in “other” income, including one-off gains, dividends from investments, and other non-recurring income.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

large uae banks post solid profitability large uae banks post solid profitability

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

large uae banks post solid profitability large uae banks post solid profitability

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 06:48 2015 Tuesday ,25 August

Miller Harris to launch La Fumée Alexandrie

GMT 00:11 2017 Wednesday ,02 August

Qatari Amir meets Moroccan Premier

GMT 16:26 2013 Monday ,14 October

Veronique Rees, the new face of fitness

GMT 06:27 2017 Thursday ,23 March

Confident of winning African tournament

GMT 06:24 2017 Wednesday ,19 April

Syria evacuations resume after deadly bombing

GMT 10:46 2017 Wednesday ,18 January

Israel policeman killed during home demolition operation

GMT 04:44 2017 Wednesday ,15 February

China’s credit growth poses challenge

GMT 09:18 2016 Thursday ,22 September

Governor declares state of emergency

GMT 18:22 2015 Thursday ,13 August

Kylie Jenner goes blonde for party

GMT 02:43 2016 Monday ,19 December

Giant oil tanker pays EGP 81 m to transit Suez Canal

GMT 13:29 2018 Tuesday ,16 January

Jawaher Al Qasimi Calls for Combined Efforts

GMT 04:19 2016 Thursday ,29 September

IMF chief warns of weak growth, lure of protectionism

GMT 14:23 2016 Thursday ,24 November

New musical talent makes Egypt’s heart ‘beat’

GMT 00:59 2017 Wednesday ,22 March

New Dh10m market comes up in Sharjah’s Maliha area
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday