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Kuwaiti lenders may have highest bad debt provisions in GCC: Arqaam
- Kuwait: Wednesday, December 05 - 2012 at 03:50
Dubai-based investment bank Arqaam Capital has said Kuwaiti lenders may put aside the most money for bad loans among Gulf banks in 2012, as companies restructure debt, Bloomberg has reported. Provisions as a percentage of total loans at banks in the country will reach 5.6% this year and 6.7% in 2013, compared with 5.5% and 6.5%, respectively, for lenders based in the UAE, Arqaam said. "The Kuwaiti banking sector is still grappling with the aftermath of the crisis," said Jaap Meijer, director of equity research at Arqaam. "Debt restructurings, excessive exposure to investment companies, high corporate leverage and a structural political gridlock are stifling growth and continue to cause delays in the implementation of economic policy, causing Kuwait to lag the region."
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