UAE bad debt provisions rise 2.4% in March

25 Apr 2010

(MENAFN) The Central Bank of the UAE said that the country’s banks saw a 2.4 percent rise in provisioning levels for non-performing loans to $9.37 billion in March, Reuters reported.

Bad loan provisions registered their highest level since at least December 2008, data showed. UAE banks’ problem debt provisions reached $9.37 billion by March-end compared to $9.14 billion at the end of February.

Data also showed that bank deposits grew to $263.3 billion from $260.9 billion at the end of the previous month.

UAE’s domestic banking sector has been struggling with the breakout of the global financial crisis and a local property market slump, as well as the restructuring of Dubai’s flagship conglomerate Dubai World.

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