ID :
120040
Mon, 05/03/2010 - 14:07
Auther :
Shortlink :
https://oananews.org//node/120040
The shortlink copeid
Asset base of UAE banks grows in Q1
Dubai, May 3, 2010 (WAM)- Top UAE banks increased their asset base by an average of three per cent in the first quarter and analysts expect growth will remain sluggish for the rest of 2010 according to a report in "Emirates Business."
First Gulf Bank recorded a six per cent increase, the biggest among the large banks, Emirates NBD saw a 2.9 per cent growth whereas National Bank of Abu Dhabi and Abu Dhabi Commercial Bank each recorded around two per cent growth in total assets.
The UAE Central Bank figures at the end of March showed that asset base of over 52 local and foreign banks increased to Dh1,533.1 billion compared with Dh1,519.1bn at the end of December 2009 – representing a growth of less than one per cent.
According to first quarter results of the banks, total assets of First Gulf Bank were Dh133bn; six per cent higher than December 2009 figure and 21 per cent higher than that of March 2009.
Emirates NBD saw its asset base up three per cent to Dh289.8bn compared to Dh281.6bn at the end of 2009. National Bank of Abu Dhabi (NBAD) recorded a two per cent growth this quarter from Dh197bn at the end of December 2009 to Dh201bn as of March end, 2010 whereas Abu Dhabi Commercial Bank's total assets at the end of Q1 2010 were Dh163.7bn compared with Dh160.20bn at the end of Q4 of 2009.
Mashreq, however, asset growth was slow and the bank saw its total assets at Dh88.6bn at the end of first quarter compared to Dh94.6bn at December end 2009. RAK Bank's total assets were Dh18.22bn, an increase of 6.5 per cent over December 31, 2009.
"According to our estimates, assets would grow by around 10 per cent during the year. For this year, lending is unlikely to be aggressive," said Germaine Benyamin, Senior Analyst, HC Research Department, HC Brokerage.
First Gulf Bank recorded a six per cent increase, the biggest among the large banks, Emirates NBD saw a 2.9 per cent growth whereas National Bank of Abu Dhabi and Abu Dhabi Commercial Bank each recorded around two per cent growth in total assets.
The UAE Central Bank figures at the end of March showed that asset base of over 52 local and foreign banks increased to Dh1,533.1 billion compared with Dh1,519.1bn at the end of December 2009 – representing a growth of less than one per cent.
According to first quarter results of the banks, total assets of First Gulf Bank were Dh133bn; six per cent higher than December 2009 figure and 21 per cent higher than that of March 2009.
Emirates NBD saw its asset base up three per cent to Dh289.8bn compared to Dh281.6bn at the end of 2009. National Bank of Abu Dhabi (NBAD) recorded a two per cent growth this quarter from Dh197bn at the end of December 2009 to Dh201bn as of March end, 2010 whereas Abu Dhabi Commercial Bank's total assets at the end of Q1 2010 were Dh163.7bn compared with Dh160.20bn at the end of Q4 of 2009.
Mashreq, however, asset growth was slow and the bank saw its total assets at Dh88.6bn at the end of first quarter compared to Dh94.6bn at December end 2009. RAK Bank's total assets were Dh18.22bn, an increase of 6.5 per cent over December 31, 2009.
"According to our estimates, assets would grow by around 10 per cent during the year. For this year, lending is unlikely to be aggressive," said Germaine Benyamin, Senior Analyst, HC Research Department, HC Brokerage.
