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Tough Q4 for UAE banks
- United Arab Emirates: Tuesday, January 02 - 2007 at 07:10
A slump in local stock markets in 2006 is expected to hit last-quarter profits of UAE banks, according to an EFG-Hermes report cited by Emirates Today. Of eight banks tracked, five will show negative profit growth compared to Q4 2005. The report said IPO gains, asset management fees and income from sale of securities had all fallen substantially by the middle of 2006.
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James McInerney, News EditorTuesday, January 02 - 2007 at 07:10 UAE local time (GMT+4)
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This article was updated on Sat Jan 13 2007.
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