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FinancialNews


  • 07-04-18

    UAE banks record 4.6 percent profit growth

    (MENAFN) UAE banks were confirmed to have maintained robust performance in recording 4.6 percent in profit growth by the end of 2017.

    Recent annual banking data also revealed the banks to have preserved their record in hitting nearly zero revenue growth for the second consecutive year.

    Senior partner and managing director at Boston Consulting Group's Middle East office, Dr Reinhold Leichtfuss explained the revenue growth to have been a result of portfolio optimization initiatives along with a stricter risk appetite.

    Dr Leichtfuss' successor, Peter Vayanos commented "the positive profit trend is reflected in that only seven per cent of banks saw negative profit growth. The number of banks in 'group' and for the 'retail' and 'corporate' segments deviate, since not all banks have a complete segment reporting yet."

    MENAFN0704201800450000ID1096704968

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