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Sunday, 16 October 2016

UAE’s credit cycle on the mend, skips are declining | GulfNews.com

UAE’s credit cycle on the mend, skips are declining | GulfNews.com:

"The banking sector in the UAE is going through a difficult phase as the overall credit demand has slowed down. While the credit cycle is gradually turning senior bankers who spoke to Gulf News expect, the decline in non-performing loans (NPLs) will come with a lag.
“The economy is slowing down. It is not secret to anybody. The world is slowing down, our region is slowing. The levels of activities at our stock exchanges are slowing. I think, despite the all-round slowdown, the economy and the financial sector remains healthy and resilient,” said, AbdulAziz Al Ghurair, Chairman, UAE Banks Federation and CEO of Mashreq.
Banks faced large NPL formation estimated in the range of Dh5 to Dh7 billion last year from loans to small and medium enterprises (SME) sector. Senior bankers in the country say the credit cycle is turning and there have been visible improvement in overall credit quality."



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