Middle East Economic Survey

VOL. LII

No 38

21-Sep-2009

UAE

High Provisioning Charges Challenge UAE Banks Profitability, Says HC

Profitability of UAE banks was negatively affected by a sharp increase in provisioning charges in 2Q09, says the Cairo-based investment bank HC Securities & Investment in a 14 September report. The bank adds that provisioning levels are expected to remain elevated during the rest of the year. Although the central bank seeks to boost lending activities, the funding...