Results for the first six months of 2009 show the banks reporting still adequate levels of profits (combined net income of Dhs8.8bn), although it will be difficult for them to repeat this level in H209, in Fitch's view.
Cost growth is also likely to slow as banks become more cautious in their expansion plans, although with the average cost/income ratio of the eight banks a fairly low 33.2%, the capacity to absorb slightly higher costs remains.
The eight largest banks are: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, First Gulf Bank, Mashreqbank, National Bank of Abu Dhabi and Union National Bank.
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UAE banks face increased impairments, says Fitch
- United Arab Emirates: Tuesday, September 29 - 2009 at 09:03
The eight largest UAE national banks continue to face rising impairments and other challenges, but can absorb higher impairments as capitalisation has improved and they have a high level of sustainable revenues, according to a new report by Fitch Ratings.
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StaffTuesday, September 29 - 2009 at 09:03 UAE local time (GMT+4)
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