U.A.E. Bank Market to Get Tougher on Economy, NBAD CEO Says - Bloomberg Business

U.A.E. Bank Market to Get Tougher on Economy, NBAD CEO Says - Bloomberg Business:



"National Bank of Abu Dhabi PJSC, the biggest lender in the United Arab Emirates, said tougher market conditions lie ahead after posting a 28-percent increase in fourth-quarter profit.



“It was tough last year, competition was stiff, but there was growth, very, very good growth,” NBAD Group Chief Executive Officer Alex Thursby said on an earnings call from Abu Dhabi on Wednesday. “Now, I think we are going to have average growth and competition hasn’t gone home.”



Growth in the U.A.E., the second-biggest Arab economy, will slow to 3.1 percent this year from an estimated 4.9 percent in 2014 after a 50-percent drop in oil prices, according to estimates from HSBC Holdings Plc this month. The U.A.E. holds about 6 percent of the world’s crude reserves and has used its oil wealth to transform cities, build ports and turn the country into a tourist and financial center."



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