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UAE Banks Increased their Asset Base by 3% in the last 3 months

UAE : 04 May 2010

New figures have just revealed that many of the leading UAE banks have increased their asset base during the past three months and when all of the banks are taken into consideration the average increase is approximately 3%. Analysts however are also estimating that growth patterns are set to remain very slow for the remainder of 2010.

The First Gulf Bank was up by almost 6% and this was the highest increase recorded for the period. The Emirates National Bank of Dubai was up by just under 3% and the National Bank of Abu Dhabi and the Abu Dhabi Commercial Bank were both up by approximately 2% on their overall asset portfolio.

The United Arab Emirate Central Bank figures at the end of March showed that the assets portfolio of over 52 banks were up by almost 14 billion when compared with the same period for the previous year which calculates an overall growth figure of less than 1% for the period.

However Analysts are saying that these are poor growth figures overall and it is hoped that by the end of 2010 the regions financial institutions will be showing a more healthy growth pattern of about 10% on their asset portfolios. It is also predicted that lending will be cautious and slower than expected this year.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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