No. 36



UAE Banks Prosper But Disclosure Lags

UAE banks continued to perform strongly in 1996, recording average profit growth of 20%and seeing assets increase across the sector by some 12%. This performance follows on fromtwo years, 1995 and 1994, when profits across the sector grew by 22% and 15% respectivelyand asset growth was 16% and 6%. Also in the course of 1996 a number of formerly troubledinstitutions returned to full operation.

First Gulf Bank, which was...