UAE banks are prepared for economic headwinds | GulfNews.com:
"The UAE’s banking sector is well prepared for the global and regional economic challenges and is expected cope well with the headwinds from low oil prices, squeeze on liquidity and a potential growth slowdown, Shayne Nelson, Group Chief Executive officer of Emirates NBD told Gulf News in an Interview.
Emirates NBD and Emirates Islamic, the Islamic bank belonging to the group delivered strong results in 2015 despite many banks reporting decline in profit growth while facing challenges in asset quality, particularly in their small and medium enterprise (SME) portfolios, deposits and loan growth.
The bank reported net profit of Dh7.1 billion for the full year 2015, up 39 per cent compared to the previous year. Total income for the year grew by 5 per cent to Dh15.2 billion. Net interest income grew 8 per cent to Dh10.2 billion due to growth in assets and a lower cost of deposits."
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