Outstanding provisions for bad loans set aside by banks in the United Arab Emirates fell in October for the first time since the global financial crisis began building in 2008, central bank data showed on Wednesday.
The small drop does not indicate an end to the corporate debt problems that have weighed on UAE banks' earnings over the past several years. But it does suggest the banks are over the worst of those problems, helped by solid economic growth and a fledgling recovery of Dubai's real estate market.
Provisions set aside for specific non-performing loans edged down to 65.3 billion dirhams ($17.8 billion) at the end of October from 65.4 billion dirhams in September, the data showed.
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