UAE lenders’ bad debts start to weigh on financial results | The National:
"UAE banks are starting to feel the pain from tumbling oil prices and a slowing economy.
While there have been indications of lower loan growth and rising defaults amid job cuts and reports of small businesses going bankrupt, the fourth-quarter results are starting to show the extent of the bad debt that has accumulated.
Sharjah-based United Arab Bank (UAB) yesterday said it booked a loss of Dh166 million in 2015 as bad debts piled up after years of risky lending to SMEs unravelled in the economic downturn. Union National Bank and National Bank of Fujairah also reported earnings showing sharp drops in quarterly profit as the amounts set aside for bad debt jumped."
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