Provisions against asset and credit losses by Gulf banks jumped 40 percent to $9.4 billion in 2009 as the sector reeled from a toxic cocktail of real estate defaults, corporate debt crises and investment losses, Markaz forecast on Tuesday.
"The year 2009 can truly be declared as a year of provisioning," Markaz, also known as the Kuwait Financial Centre, said in a report.
Markaz said it expects provisions against the impairments of assets and credit losses ended 2009 at 1.52 percent of Gulf banks’ total loans, up from 1.13 percent at the end of 2008.
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