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Loan growth in the UAE?s banking sector is picking up pace helped by the positive economic growth, improving consumer confidence and declining risk aversion and non-performing loans.
According to the The Banker?s ?Top 1000 World Banks 2013? report, the UAE banking sector?s net assets have risen more than ten-fold from $49 billion (Dh180 billion) in 1995 to $509 billion in mid-2013. The UAE banking sector directly employs more than 34,400 staff as of mid-2013, more than doubling since 2000.
Financial results of the UAE banks for the first nine months of 2013 show, most banks stopped the sharp deleveraging that followed the financial crisis and the loan growth has started picking up momentum.
Large banks have reported high single digit growth in the first nine months of the year. While Emirates NBD?s customer loans as at September 30, 2013 (including Islamic financing) amounted to Dh234.4 billion, an increase of 7 per cent from the end of 2012 National Bank of Abu Dhabi?s (NBAD) loans increased 5.2 per cent to Dh182.5 billion. NBAD?s total assets in January-September period increased 14.8 per cent to Dh345.1 billion while loans increased 10.9 per cent in the same period.