Bank results in the second quarter highlighted the divergent performances of lenders across the Gulf, as high provisioning still weighs on those in Dubai and Kuwait, dragging them behind their regional peers.
Emirates NBD, Dubai’s biggest bank by market value, posted a 13 per cent drop in second-quarter earnings, its fourth consecutive quarterly drop. The earnings fell as costs increased and the lender made further provisions on state-linked debt.
In Kuwait, where banks were hit by stock market losses and poor property investments, shares of the National Bank of Kuwait dropped the most in two years after the country’s biggest bank reported a 40 per cent decline in second-quarter profits. It set aside $96.4m in judgmental provisions.
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