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Gulf banks' loan losses and impairments exceed $20bn, says S&P
- Middle East: Thursday, September 02 - 2010 at 09:21
Standard and Poor's Ratings Services has warned of future challenges facing the Gulf lenders it rates, but said they appear to be showing signs of improvement, after spending more than $20bn on loan loss provisions and investment impairments since 2008. "We believe the asset quality of Gulf banks should improve from 2011 and that their good margins and efficiency will provide a solid foundation for their return to high profitability," S&P's credit analyst Mohamed Damak said. However, improving liquidity, funding future growth, and refinancing the stock of existing debt are the next hurdles facing Gulf banks, the rating agency said.
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StaffThursday, September 02 - 2010 at 09:21 UAE local time (GMT+4)
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