Abu Dhabi Islamic Bank (ADIB) said yesterday the UAE remains the most competitive banking market in the Gulf Cooperation Council (GCC), based on the findings from its proprietary "GCC Banking Competitiveness Report."
The report said the UAE population of about 8 million is served by 51 banks with more than 840 branches and over 4,000 ATMs, delivering high levels of service, yet lower profitability than its GCC counterparts.
"ADIB further notes that UAE banks' net interest margin, which is the spread between what banks pay for deposits and what they charge for financing and loans remains the lowest among the GCC, at an average of 2.9 per cent. Saudi banking spreads are currently closer to 3.5 per cent, Qatar at 3.4 per cent and those of Kuwait banks are at around 3.2 per cent," the bank said.
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