The primary cause of the accident was determined to be the lack of a safe following distance
emergencies1 hour ago
HC Securities revised its 2009 net income forecast for the bank to Dh1.49 billion from Dh1.42 billion.
The brokerage however, kept its “hold” recommendation and its target price of Dh3.22, citing lacklustre second quarter results as well as expectations of sluggish loan growth this year. The bank’s net income in the second quarter plunged 40 per cent from a year ago to Dh450 million, 20 per cent above HC’s estimates as improved capital markets raised its margins. During the quarter, non-interest margins expanded to 2.8 per cent form 2.6 per cent in the first quarter, helping the bank generate a 16 per cent better than expected net interest income.
It said that loan volumes will continue to decline. It cut its loan book growth forecast to 3 per cent from 7.5 per cent. “With limited sectors to invest in, we expect loan growth to be tepid during the rest of the year.”
HC Securities also raised its estimates for the bank’s loan loss provisions in 2009 by 27 per cent to Dh487 million, and by 8 per cent to Dh437 million in 2010 citing the current economic conditions and DIB’s real estate tilt in its loan portfolio. “With approximately half of its loan portfolio in retail and retail estate, asset quality will continue to weigh on its asset quality and growth.” During the second quarter, the bank’s loan loss charges were 35 per cent higher than HC’s expectations at Dh135 million.
The primary cause of the accident was determined to be the lack of a safe following distance
emergencies1 hour ago
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