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UAE banks provisions dropped in October
- United Arab Emirates: Thursday, December 27 - 2012 at 05:05
According to data by the UAE central bank, lender operating in the country have reduced bad loan provisions in October for the first time since they launched a provisioning drive to boost their financial position in the wake of the 2008 global financial crisis, Wam has reported. From around Dhs65.4bn at the end of September, the banks' provisions edged down to nearly Dhs65.3bn at the end of October, the figures showed. The provisioning drive gained pace after a severe debt default crisis that hit two Saudi family businesses in 2009 and the ensuing debt issue in Dubai. Total provisions taken by banks stood at around Dhs6.1bn through 2011 while they surged to around Dhs10bn in 2012.
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