UAE banks appear to be stepping up a drive to build up bad debt provisions four years after the 2008 global fiscal distress, allocating nearly Dh2.1 billion in December, the highest monthly average in 2011.
From around Dh53.2 billion at the end of November, total provisions by the country’s 51 banks swelled to Dh55.3 billion at the end of December, showed a report issued by the Central Bank this week.
The increase boosted total provisions allocated by banks through 2011 to nearly Dh11 billion, slightly lower than the Dh11.7 billion set by banks in 2010 and the record high Dh12.9 billion during 2009.
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