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Sun 19 Apr 2009 11:31 AM

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UAE banks tipped to post profit growth in 2009 - bank chief

Chairman of Emirates NBD tells the media that lending is continuing and even growing.

Most United Arab Emirates Banks are expected to report profit growth in 2009, the chairman of Emirates NBD said on Sunday.

"Most of the banks will report growth in profit this year," Ahmed Al Tayer told reporters.

Asked about his bank's profit, Tayer said: "I think everything is going in the right direction. The first quarter result is good, it is positive, better than last year. I think most banks will report growth."

"Lending is continuing. There is a limit for the customers and the corporate mainly, and we are utilising the previous commitments and the previous limits so there is growth in the lending also," he said. (Reuters)

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AirMiles 10 years ago

Almost right, unless you want to trade in your old car and upgrade to a new one, which, anywhere else in the world, the banks would convince you to rollover your loan and add a new car to your existing debt. That's one easy way to get consumers to continue borrowing. Unfortunately, EBI insist you sell your exisiting car, clear your exisitng loan, reapply for a new loan, under less than favourable critieria, and start all over again. And where would this be? Why, it couldn't be at a car showroom bearing the Chairman's name, could it? Oh dear...