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UAE Bad Loan Provisions Up 2.4 Pct in March-C.bank - ASHARQ AL-AWSAT English Archive
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DUBAI,(Reuters) – Banks in the United Arab Emirates saw provisioning levels for non-performing loans rise 2.4 percent in March compared to the previous month to reach their highest level since at least December 2008, data showed.

UAE banks’ problem debt provisions stood at 34.4 billion dirhams ($9.37 billion) compared to 33.6 billion at the end of February, the central bank’s UAE banking indicators showed on Wednesday.

The domestic banking sector has been grappling with the fallout of the global economic crisis and a local property market downturn, as well as the restructuring of Dubai’s flagship conglomerate Dubai World.

Banks’ combined loans climbed to 1022.0 billion dirhams at the end of March, from 1017.5 billion in February. Bank deposits rose to 967.0 billion dirhams, from 958.3 billion at the end of the previous month.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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