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  • 01-03-22

    Moody's: expectations for UAE banks to go back to old profitability levels

    (MENAFN) UAE Banks are going to go back to levels of profitability before the pandemic in the upcoming 12-18 months supported by higher net interest income and rising business drive, as the economy recovers from the coronavirus pandemic-tempted economic slump.

    According to Moody's Investors Service statement in a report released on Monday, profitability is going to be pushed by expansion in net interest income, reinforced by increasing interest rates forecasts and robust business drive backing non-interest income, meanwhile provisioning efforts lessen.

    Based on Nitish Bhojnagarwala, vice president and senior credit officer at Moody's and the author of the report statement, "the four largest banks' profitability rebounded to near pre-pandemic levels in 2021, largely reflecting robust non-interest income and softening loan loss provisions."

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