UAE banks have maintained their relatively tight credit policy despite the economic recovery and this could depress their net income by nearly 10 per cent through 2011, a key Saudi bank has said.
In contrast with the UAE, banks in Saudi Arabia, Qatar and Oman are gradually opening up their credit lines after nearly two years of slow lending growth because of the 2008 global fiscal distress and regional debt default problems, National Commercial Bank (NCB) said.
The study described patters of banking lending in the six-nation Gulf Cooperation Council (GCC) as “persistently uneven”, adding that Qatar, Saudi Arabia, and Oman are leading the way in terms of credit growth.
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