VOL. XLII

No. 37

13-September-1999

UAE

UAE Banks Report 20% Increase In Profits

Fourteen of the nineteen UAE banks included in this surveyreported an upturn in profits in 1998 despite a significant increase inprovisioning costs that resulted from a very negative economic environment.Assets for the sector as a whole grew by 18% from $37,787mn in 1997 to$44,562mn in 1998, with deposits increasing by 16.4% from $27,908mn to$32,494mn (see tables below for details). Profits grew for the sector as a...