Banks see new challenges ahead as profits hit new highs | GulfNews.com:
"As anticipated most UAE banks have reported strong income and profit growth in 2014 and have entered the first quarter of the year with the apprehension if they can repeat the results in the year ahead.
“It was tough last year, competition was stiff, but there was growth, very, very good growth. But we are headed for average growth in the face of tough competition,” said Alex Thursby, CEO of National Bank of Abu Dhabi (NBAD) reflecting the overall mood of banking sector.
NBAD beat analyst forecasts as it reported a 27.6 per cent rise in fourth-quarter net profit and its full year net profit was up 18 per cent at Dh5.57 billion compared to the previous year. The bank said its growth last year was driven primarily by strong fee income growth across all lines of business, solid loan growth, increases in deposits and CASA [current and savings accounts] as a per cent of deposits, and solid gains in the investment portfolio."
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