UAE banks' exposure to Dubai World is estimated at around Dh37 billion and this could cost them an average three-four month profit before provision allocations, an expert at Moody's Investor Service was quoted on Sunday as saying.
John Tofarides, Financial Institutions Group analyst at Moody's Middle East, said he believed the UAE's 51 banks should allocate between Dh3.6 billion and Dh7.3 billion for provisions as a result of their exposure to DW.
In comments published by the semi official daily Alittihad, Tofarides said the banks' exposure could cost them 10-20 per cent."
No comments:
Post a Comment