Banking sector to grow by 20pc

ABU DHABI—The banking sector is poised to post a record level of performance this year, and is expected to grow by 20 per cent with the anticipated growth in assets and deposits, Governor of Central Bank Sultan bin Nasser Al Suweidi said in the capital yesterday.

By A Staff Reporter

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Published: Mon 19 Sep 2005, 11:07 AM

Last updated: Thu 2 Apr 2015, 5:50 PM

Speaking at a function hosted by the Bank of New York and Emirates Chartered Financial Analysts, he said assets in the banks grew over 28 per cent last year while the first half of this year saw further growth by 20 per cent. Deposits also grew 28.8 per cent to hover around Dh356 billion.

The financial and real estate sectors have also posted good performance with a growth of 96 per cent last year and 115 per cent during the first half of this year. In general, the economy is expected to do well this year, he said.

The profits posted by banks last year stood Dh9.2 billion, while the first half of this year the figure has already scaled over Dh7.8 billion, which means that this year is proving to be a record year, he said.

He also said that certain technical and political issues were being sorted out in paving way for a GCC Monetary Union that will address itself to matters such as common currency for GCC states and economic benefits through reduction in transaction costs.

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