Business | Banking

UAE banks to post 40% growth

First-half results could be boosted by strong economy and healthy business environment.

  • By Babu Das Augustine, Banking Editor
  • Published: 00:04 July 10, 2008
  • Gulf News

Dubai: UAE-based banks are expected to post profits in the range of 30 to 45 per cent during the first half of this year and Emirates NBD, the region's largest bank in assets is expected to report profits on the higher end of this range, Ahmad Humaid Al Tayer, chairman of the bank, said yesterday.

Speaking on the sidelines of the official opening of Emirates NBD's Large Corporate Unit, a section within its corporate banking division, Al Tayer said UAE banks are set to report strong performance this year due to the fundamentally strong economy and healthy business environment.

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"The banking sector is expected to post profit growth between 30 and 45 per cent in the first half. The sector is supported by strong government and private sector spending," Al Tayer said.

In the first quarter of this year, Emirates NBD reported 37 per cent growth in net profits compared to the previous year.

The bank, which was created last October following a merger between Emirates Bank International and National Bank of Dubai, is expected to complete the integration process by the end of this year.

"We have achieved more than 50 per cent integration within eight months and expect to roll out a new brand identity and brand strategy within a few months," he said.

The bank has appointed a consultant to advise the management on the branding strategy. Although the legal name of the new entity will remain Emirates NBD, there could be a new identity, corporate logo and several brands within the group, said a source.

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