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HSBC Bank Middle East Sees a Challenging Year Ahead
DUBAI — HSBC Bank Middle East Limited expects a difficult year for its operations in the Middle East which is reeling from the global economic crisis.
“We expect that 2009 will be a particularly challenging year as some parts of the world head into recession,” said HSBC Middle East CEO Youssef Nasr.
“Profitability in the Middle East will come under pressure as the economy slows, loan impairments increase and margins contract in a low interest
environment.”
HSBC Bank said its profit before tax in 2008 rose 34 per cent from a year earlier to $1.746 billion, driven by strong interest income.
The bank said its net interest income in 2008 jumped 40 per cent from the previous year, backed by a strong rise in corporate and personal loans. It said its fee income also increased nearly
50 per cent.
The HSBC Bank said there was a notable deterioration in credit quality in personal and corporate portfolios across the UAE in the last quarter, resulting in a significant increase
in provisions.
The bank did not state how much it set aside for loan impairments.
Total customer deposits in 2008 rose 14 per cent from the previous year to $35.2 billion, while loans and advances to customers jumped 26 per cent to $267.3 billion from $21.6 billion in 2007.
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