By: Mahmoud Gamal
Mubasher: The UAE listed banks are expected to post a decrease by 10-15% in its first-half profits, according to Wadah Al Taha, a member of the UAE National Advisory Board for the Chartered Institute for Securities and Investments (CISI).
Listed banks’ profits reached AED 8.99 billion ($2.45 billion) in the first quarter of 2016, a decline of 10% from AED 9.95 billion ($2.7 billion) achieved in the prior-year period, according to statistics by Mubasher.
A total of 15 banks out of the 22 listed are expected to post a decline in second-quarter profits in Q2-16, financial analyst Mohannad Diack said.
The banks’ profits are not expected to grow by Q2-16 due to economic slowdown that is resulted from lower oil prices, in addition to the issue of non-performing loans worth AED 5 billion granted to small and medium enterprises, Diack noted.
Translated by: Julian Nabil
