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entertainment11 hours ago
In its research note, UBS said that it expected loan growth of ADCB to grow by just 4 to 5 per cent, and 7 to 8 per cent at NBAD.
On the other hand, profit and loss impairments at ABCD is forecast to peak at 2.30 per cent, and at 2.84 per cent by 2010.
“A major concern relating to ADCB has been its greater reliance on wholesale funding than its peers. We believe the group has Dh9 billion of wholesale funding maturing this year which is 7 per cent of its total assets, so the current funding profile is still arguably a major constraint on asset
growth,” said UBS.
UBS also cut its earnings-per-share for ADCB to Dh0.18 from Dh0.25 with a ‘neutral’ rating.
Earnings-per-share of NBAD was cut by a hefty 45 per cent to Dh0.73 but UBS kept its ‘buy’ rating of the bank. Both banks’ fourth quarter results missed forecasts as the global financial crisis forced lenders to raise loan loss provisions.
rocel@khaleejtimes.com
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