Rate cuts fuel Q1 lending growth for UAE banks
The UAE’s banking sector has recorded strong credit growth and improved asset quality in the first three months of the year, a new study has revealed.
Net loans and advances (L&A) of the UAE’s ten largest listed banks rose 5.8% quarter-on-quarter rise in Q1, while deposits grew 3.8% on the previous quarter. Alvarez & Marsal’s UAE Banking Pulse out this week shows.
Total operating income increased by 7.7% q-on-q to 44.4 billion Emirati dirhams on the back of strong non-interest income, which rose 23.9% quarter-on-quarter, countering the modest 0.3% decline in net interest income following recent interest rate cuts.
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