UAE debt defaults could mount and spread to individual borrowers, warns EFG Hermes | The National:
"The investment bank EFG-Hermes is warning that the fallout sparked by SME debt delinquencies may spread to individual borrowers as the strain from the weakening economy increases.
While the bank’s fourth-quarter earnings grew compared with the third quarter, they were largely propped up by one-off gains and increases in non-interest income, said Shabbir Malik, the author of a report released on Thursday.
More worryingly, banks are putting aside more cash to cover any nasty surprises this year, he said.
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