{"id":90829,"date":"2024-04-05T00:00:00","date_gmt":"2024-04-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-banks-to-post-stable-returns-in-2024-moodys\/"},"modified":"2024-04-05T00:00:00","modified_gmt":"2024-04-05T00:00:00","slug":"uae-banks-to-post-stable-returns-in-2024-moodys","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/05\/uae-banks-to-post-stable-returns-in-2024-moodys\/","title":{"rendered":"UAE banks to post stable returns in 2024 \u2013Moody\u2019s"},"content":{"rendered":"

The UAE\u2019s four largest banks are expected to maintain strong bottom lines in <\/strong>2024<\/strong>, <\/strong>buoyed by expectations for interest rates to remain high until 2H 2024, Moody\u2019s said in a report cited by Zawya<\/a>. Despite forecasting robust revenues and steady stable provisioning charges, lenders\u2019 earnings may be dampened by pressures from higher operating costs and the new corporate tax that came into effect last year<\/a>. <\/p>\n

S&P sees things differently: <\/strong>S&P Global expects<\/a> banks to see their bottom lines narrow as the US Federal Reserve ends its monetary tightening cycle and begins to cut interest rates, leading to lower interest rate margins. GCC banks on the whole are expected to experience slightly slower credit growth this year, moderating due to an unfavorable base effect and heightened lending caution, S&P Global said previously<\/a>.<\/p>\n

ICYMI-<\/strong> Emirati banks turned in high returns in 2023, fueled by minimal loan loss provisions, augmented interest margins, and high deposit rates that outperformed lending. The collective income of the Emirates\u2019 largest lenders \u2014 First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank (ADCB), and Dubai Islamic Bank \u2014 climbed 49% y-o-y in 2023, reaching USD 14.3 bn. The lenders collectively accounted for 74% of the entire banking sector\u2019s earnings.<\/p>\n

What drove the performance?<\/strong> Among the factors which contributed to the four lenders\u2019 improved performance was higher income from net interest, which rose 24% y-o-y while the combined non-interest income increased 32% y-o-y in 2023 on the back of higher trading gains and income from FX, and the banks\u2019 investments in fee-generating activities. <\/p>\n","protected":false},"excerpt":{"rendered":"

The four biggest banks made up 74% of the banking sector\u2019s total income<\/p>\n","protected":false},"author":1,"featured_media":90830,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1618],"tags":[841,159,187,260,7,212,386],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-adcb","tag-banking","tag-dib","tag-emirates-nbd","tag-enterpriseam-uae","tag-fab","tag-moodys","wpautop","entry"],"acf":{"mongo_id":"713086ed-9cf7-40a4-bd51-884593133a55","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/887.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE banks to post stable returns in 2024 \u2013Moody\u2019s","related_issue":[90823],"teaser":"The four biggest banks made up 74% of the banking sector\u2019s total income","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.267e7b60-3592-4f89-bf26-ba75ff21eb43.mp3"},"yoast_head":"\nUAE banks to post stable returns in 2024 \u2013Moody\u2019s - 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