By: Mahmoud Gamal
Dubai – Mubasher: The UAE listed banks are expected to see a 2-4% growth year-on-year during the fourth quarter of 2016, analysts told Mubasher
The banks’ profits declined 2% to AED 9.03 billion in Q3-16, compared to AED 9.22 billion in Q3-15.
The listed banks are likely to see higher Q4-16 profits amid the stability of oil prices above acceptable levels and recovery of real estate sector, financial analyst Jamal Al Otaibi told Mubasher.
Stability of oil prices above $50 despite oil oversupply pushed Gulf banks to adapt to average current operating costs, and to provide loans to petrochemical and real estate sectors, Al Otaibi added.
A total of 22 banks are likely to post mixed results in the fourth quarter of 2016 due to expected changes in bad debt provisions, financial analyst Omar Al Mohannadi said.
The banks’ capital adequacy ratio (CAR) is expected to stabilise at 18% in Q4-16, Al Mohannadi added.
Translated by: Julian Nabil
