There have been a series of school fires in the country in recent years, many of them which have turned out to be arson
Qatar National Bank (QNB), the Gulf state’s biggest bank, shocked markets this week with a 0.8 per cent decline in quarterly profit — missing a 28-per cent earnings growth forecast of analysts in a Reuters survey last month.
QNB shares have slid almost 14 per cent since it said on Tuesday it booked 198 million riyals ($54.39 million) of provisions for credit losses on loans in the quarter, sending bank stocks across the Gulf lower as investors brace for more negative news.
Bank Muscat, Oman’s biggest bank, has warned it could book 26.9 million rials ($69.87 million) in impairment charges in 2008. Its stock fell over five per cent on Thursday.
“We may see much bigger provisioning in the fourth quarter than I had anticipated,” said Raj Madha, regional banking analyst at EFG-Hermes. By the second quarter, a pick up in Gulf non-performing loans (NPLs) was a “certainty”, he said.
“We will see a drastic drop in asset management revenues, we will see trading income evaporate, a drop in profits from the property sector and a massive drop in loan growth.”
The fortunes of banks in the world’s top oil-exporting region, including
Banks are now restricting lending as they face tight credit markets and, especially in
Cautious Approach
“UAE banks will be taking a cautious approach,” said Bikash Rout, senior financial analyst at Global Investment House.
Analysts in the Reuters survey predicted the fourth-quarter profits of Abu Dhabi Commercial Bank and National Bank of
Gulf governments have been struggling to keep their banks liquid and boost confidence after bourses in the region fell as much as 72 per cent last year. They have launched emergency funding facilities for banks and stock markets, slashed interest rates, guaranteed bank deposits and eased bank lending curbs.
There have been a series of school fires in the country in recent years, many of them which have turned out to be arson
Salama Alfalacy is into realistic art featuring landscapes and wildlife, while Meera Jamal Al Midfa is setting new grounds in performance art and filmmaking
Dubai Police have asked drivers to be extra cautious
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
Dubai Police have asked drivers to be extra cautious
The former all-rounder has returned to cricket during the past year after a horrific car crash at the end of 2022
Dubai Police have asked drivers to be extra cautious
The country has set a new Guinness World Record by creating the largest falcon hood, beating the previous record of 1.65 metres