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28 May, 2020

UAE Banks Show Most Resilient Growth in Region

A recent study by KPMG revealed that among all top banks in the region, the leading banks from UAE demonstrated the highest asset-growth, thereby making them best equipped to face challenges.


The study by KPMG assessed the assets and growth of all leading banks in the region and the results have been quite telling. All the top 10 banks of UAE have shown positive results in 2019, with average profit growth of 13.9% between them. Among UAE banks, the highest growth was by Emirates NBD, which clocked 21.8% growth, which translated to AED 14.5 Billion.


Both regional and global economic conditions remain challenging due to the Covid-19 pandemic, but the performance of the banking sector reinforces faith in the ability of UAE to bounce back from this testing time. Asset growth was quite strong at 12.8% while lending increased by 11.8% – both leading to the strong performance of the overall banking sector.


The numbers reveal that banks are well equipped to face new age challenges put forth by economic conditions, as well as changing demands of the consumers. For instance, digital banking products demanded by consumers involves high investment in infrastructure and a pivot in operations – both of which would be well handled by the banking sector, as per industry experts.


The report, as released by KPMG representatives, also showed that 42 out of 55 regional banks have shown a positive trend in asset growth and profitability.


Source: Gulfnews

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