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UAE banks to see more bad loans this year
Non-performing loans are expected to increase to 6.4 percent, a central bank official said on Tuesday.
February 9, 2010 12:01 by kippreport
Banks in the UAE may need to write-off more loans this year, as non-performing loans are expected to increase to 6.4 percent, up from 4.4 percent in 2009, Saeed Abdullah al-Hamiz, senior executive director of the banking supervision and examination at the central bank told reporters on Tuesday.
“This increase is natural since there is a crisis in the world and there is a deterioration in rent prices,” al-Hamiz said. “[Banks] may have to write it off,” he added.
“Some banks are very conservative, more than others, especially the foreign banks,” he said. “Already, some banks took more provisions because they want to protect themselves.”