Jordanian banks are hoping for strong economic growth in Gulf Arab states next year to help turn around a struggling domestic economy and curb their vulnerability to non-performing loans.
The country's 23 banks, which hold $31 billion of deposits, saw their pre-tax profits fall 23 percent last year to 695.5 million dinars. Nine-month results for this year were mixed, suggesting the banks were unlikely to bounce back quickly.
Bankers say prospects for 2011 hinge on stepped-up economic growth in Gulf Arab states which are a main source of remittances and foreign direct investment, particularly into the real estate sector which has been hit hard by the slowdown.
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