Banks shrug off fears as Q3 profitS jump |
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UAE banks yesterday kicked off the third-quarter earnings season with robust profit growth shrugging off fears of an earnings meltdown as a result of possible exposure to the global credit crisis.
Abu Dhabi-based Union National Bank (UNB)Union National Bank (UNB)
beat analyst forecasts by a wide margin when it said third-quarter net profit more than doubled to Dh610.8 million compared to the same period last year. Nine-month net increased 63.5 per cent to Dh1.37bn.Global Investment House had forecast a 34 per cent increase in UNBUNB
's Q3 net while Shuaa CapitalShuaa Capital expected a 31 per cent rise.Commercial Bank of DubaiCommercial Bank of Dubai
reported a 19 per cent rise in its Q3 net profit to Dh261m while nine-month net rose 27 per cent to Dh827m. Fears of losses among UAE banks in the third quarter of the year were sparked by the fall in share and bond prices worldwide in the past three months.
Investment bank EFG-Hermes said UAE banks' exposure to such instruments is a concern.
How much of an impact this exposure will have on UAE lenders' balance sheets will become clear as the earnings season progresses.
The UAE has announced an emergency funding plan of Dh120 billion, which is expected to ease the effects of the global crisis.
By Yazad Darasha
© Emirates Business 24/7 2008
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