03.01.2013 - Banking special: Stable times for the UAE
The UAE’s economic growth may slow slightly in 2012 to three per cent due to lower growth in the oil sector but the non-oil sector GDP growth rate is expected to strengthen to 3.5 per cent on the back of buoyancy in the trade, travel and tourism sectors as well as some growth in the manufacturing sector. The increase in the absolute number of UAE’s largest bank, Emirates NBD (ENBD)'s NPL ratio during Q3 2012 of about Dhs900 million was primarily driven by the recognition of new NPL of around Dhs600 million in its conventional corporate portfolio and another Dhs200 million in its Islamic corporate portfolio...............................................Full Article: Source
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