UAE’s largest banks to see 'solid' profits this year despite rising costs - The National

UAE’s largest banks to see 'solid' profits this year despite rising costs  - The National:

"The UAE’s four largest banks are expected to continue to report solid profits for the next 12 to 18 months, despite rising operational and provisioning costs, according to Moody’s. “Over the coming quarters, we expect provisioning costs to rise modestly as loan performance softens and the rate of recoveries – which has been broadly driving the fall in provisioning charges since 2015 – slows,” said Nitish Bhojnagarwala, a vice-president and senior analyst at Moody’s, in a paper published on Monday. “But operating expenses will stabilise,” he added. The combined fourth quarter net profit of the UAE's four largest banks - First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank (ADCB) and Dubai Islamic Bank (DIB) - rose 8 per cent compared to the same period in 2017 and 2 per cent quarter on quarter, representing a “solid” rise in net profits, Moody’s report said."



'via Blog this'