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Wed 21 Apr 2010 10:50 PM

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UAE bad loan provisions up 2.4% in March - cbank

Domestic banking sector has grappled with the fallout of the global economic crisis.

Banks in the UAE saw provisioning levels for non performing loans rise 2.4 percent in March compared to the previous month to reach their highest level since at least December 2008, data showed.

UAE banks' problem debt provisions stood at $9.37 billion compared to $9.14 billion at the end of February, the central bank's UAE banking indicators showed on Wednesday.

The domestic banking sector has been grappling with the fallout of the global economic crisis and a local property market downturn, as well as the restructuring of Dubai's flagship conglomerate Dubai World.

Banks' combined loans climbed to $278.2 billion at the end of March, from $277 billion in February.

Bank deposits rose to $263.2 billion, from $260.9 billion at the end of the previous month.

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