Q2 reports of banks in UAE have published reports on interest income and lower provisions. They show positive signs and profit rises on higher interest income and lower provisions. The markets indicates improvement in growth and stability. Here are some reports published in newspaper The National:
The country’s economy was hit hard by the pandemic but with the rebound of tourism and property market, it has bounced back. It is established that the momentum gained in first quarter of 2022 has helped financial sector to present better results in second quarter of 2022.
Experts believe that rising inflation will have less severe effects in United Arab Emirates as compared to the region and rest of the world. It is believed that country’s economy will see a thrust in Q3 with current economic momentum.
Positive signs for lenders
Increase in oil prices and improved economic activities along with rising interest rates have boosted the UAE banking sector’s profitability to pre-pandemic levels.
Q2 reports are showing promising results and will help lenders gain confidence in post pandemic world.