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FINANCIAL NEWS
UAE- Banks provisions fall to USD17.77b in Oct
26 Dec 2012
(MENAFN) The UAE central bank’s figures show that banks’ bad loan provisions fell to nearly USD17.77 billion in October, from approximately USD17.80 billion at the end of the previous month, reported Emirates 24/7.
The decline is the first since banks in the country launched a provisioning drive to strengthen their financial position in the wake of the 2008 financial crisis.
According to analysts, in the January-June period, provisions were high, however, they sharply decelerated in the second half as banks began to rebound and returned to profit growth.
It is worth noting that total provisions taken by banks last year stood at nearly USD1.66 billion and grew to USD 2.72 billion in 2012.
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