U.A.E. Banks Expect Over 20 Percent Increase in Profits
ABU DHABI, United Arab Emirates (AP) _ Commercial banks in this Persian Gulf nation are expected to increase profits by more than 20 percent this year, a senior bank official forecast Tuesday.
″Profits ... this year are expected to be the highest of the past few years,″ said Mohammed bin Breik, executive manager of Citibank’s operations in the United Arab Emirates, in a statement marking the bank’s 30th anniversary in the tiny emirate.
The 46 banks - 19 national and 27 foreign - operating in the U.A.E. reported profits of 1.5 billion dirham, or about $410 million, last year.
Banking executives attribute this year’s performance to the lack of other investment opportunities in the region.