UAE bank profits will struggle, says S&P | The National:
"Profit growth at UAE banks is set to slow as deposits wither amid lower oil prices, says the ratings agency Standard & Poor’s.
That is likely to prompt less lending and more defaults as the cost of borrowing rises, putting pressure on earnings, it said in a report released on Monday.
The UAE is no stranger to boom-and-bust cycles but the rating agency says that unlike the 2009 financial crash, this slowdown may be made worse by a more prolonged period of lower oil prices, triggering less spending on infrastructure and dampening economic growth.
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