UAE top 10 banks see profits drop by 38.9% in H1 2020: KPMG
- Date: 07-Oct-2020
- Source: Gulf Business
- Sector:Financial Services
- Country:UAE
UAE top 10 banks see profits drop by 38.9% in H1 2020: KPMG
The profits of the top 10 listed UAE banks declined on an average by 38.9 per cent in the first half of 2020, an analysis by KPMG shows.
The decline was mainly attributable to higher-than-expected credit losses on loans and advances, which increased by 125.8 per cent on an average compared to the previous year in the wake of Covid-19, the research firm said.
The quality of credit exposures has also deteriorated, resulting in an increase in the non-performing loan ratio from 3.8 per cent on 31 December 2019, to 4.1 per cent on 30 June 2020 for UAE's top banks.
To mitigate the impact of the pandemic, the report notes that the Central Bank of the UAE (CBUAE) announced a broad range of support measures, including a $70bn stimulus
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