UAE Banking PulseQ3’19 edition of the UAE Banking Pulse (“The Pulse”). In this quarterly...

UAE Banking PulseQuarter 3, 2019

FOREWORD Alvarez & Marsal Middle East Limited (A&M) is delighted to publish the

Q3’19 edition of the UAE Banking Pulse (“The Pulse”). In this quarterly

series, we share results from our research examining the top ten largest

listed UAE banks by assets, and highlight key performance indicators of

the UAE banking industry. The Pulse aims to help banking executives

and board members stay current on industry trends.

All the data used in this report has been obtained from publicly available

sources and the methodology for the calculations is discussed in the

glossary. Calculation of several metrics has been changed from the

previous version to accommodate available information.

We hope that you will find the Pulse useful and informative.

Disclaimer:

The information contained in this document is of a general nature and has been obtained from publicly available information

plus market insights. The information is not intended to address the specific circumstances of an individual or institution. There

is no guarantee that the information is accurate at the date received by the recipient or that it will be accurate in the future. All

parties should seek appropriate professional advice to analyze their particular situation before acting on any of the information

contained herein2

Authors

3

18+ years of international experience in

management consulting and industry

Focuses on strategic and performance-related

matters in financial institutions, sovereign wealth

funds, family businesses, real estate, private equity

and private investments

Emirati National, frequent speaker and moderator in

Banking & Finance events

Board member of the Bahrain Fintech Bay

Dr. Saeeda Jaffar

Lead Author, Managing Director

Asad Ahmed

Co-Author, Managing Director

30+ years of experience in banking

Focuses on performance improvement,

turn-around, credit management, and formulating

and managing strategic and operational changes in

financial institutions

Expertise in Financial Inclusion and creation of

digital wholesale and retail banks

Former CEO of banks in the UAE & Kenya

Served on the governing council of the Kenyan

Bankers’ Association

Neil Hayward

Co-Author, Managing Director

18+ years experience in turnaround and

restructuring in the Middle East, Europe as well as

the U.S.

Focuses on financial services and is an expert in

restructuring both conventional finance and Islamic

finance facilities

Advises financially distressed companies including

playing a major role as a board member

[email protected]

Phone: +97145671065

CONTACT

DETAILS

mailto:[email protected]

UAE Macro & Sector Overview

1 UAE Central Bank and IMF forecast, 2 US Board of Federal Reserve, 3 UAE Central Bank, 4 Company filings, ENBD net

income adjusted for one time gain of AED 2.0bn and AED 2.5bn from disposal of stake in jointly controlled entity during

Q2’19 and Q3’19, 5 Bloomberg & A&M Analysis, 6 Bloomberg and A&M Analysis; * Data of top 10 UAE banks shortlisted

on the basis of asset size as of September 30,20194

Macro overview Banking overview Q3’19

The US Federal Reserve reduced its funds rate by 25.0

bps in Oct’19, the third cut in 2019 following nine hikes

since Dec’15

The Fed reduced its benchmark interest rate by 50.0 bps to

2.0% in Sept’19

The move was likely driven by fears of global economic

slowdown, intensifying US-China trade tensions, and

muted inflation

The UAE banks’ exposure to the real estate sector increased

by ~40 bps in Q3’19, presenting a concentration risk

The real estate sector continues to remain under pressure

due to oversupply and weaker investment appetite amid

muted oil economy and this may have lead to higher

delinquencies for banks

Government measures to boost demand in sector includes

stimulus packages and proposed new initiative to allow

foreigners to own freehold property in Abu Dhabi

20.621.0

21.8

20.320.7

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Real Estate & Construction as % of Total Loans5*

2.02.3

2.5 2.5 2.5

2.0

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

US Fed Funds Rate2, %

The top ten UAE banks by assets reported a combined 25.5%

YoY increase in top line during Q3’19

The bottom-line was impacted adversely due to significant

impairments reported by Emirates NBD (which was in turn due to

the acquisition of DenizBank) and ADIB

For rest of 2019, margins are likely to stay under pressure

due to rate cut in Sept’19 and Oct’19

Overall banking profitability was influenced by lower gross yields

and higher net impairment charges during the quarter

In Q3'19E GDP is expected to marginally decelerate to

2.0% YoY as oil production growth softened in the quarter

although non-oil sector remained in growth territory, which

was up by 1.8% YoY

GDP is projected to grow by 2.4% in FY19 primarily driven

by robust government spending and higher investment

anticipated for Expo 2020

The average Q3’19 Emirates NBD Purchasing Managers’

Index (PMI) recorded low growth as private sector momentum

slowed to nine year low in September’19

6.2 6.1

0.9

6.6

10.0

3.2

6.4

-2.2-0.4

-2.4

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

UAE Bank’s Profitability4, %*

Revenue % QoQ Net Income % QoQ

1.7

3.7

2.2 2.0 1.8

2.4 2.5

20

18

Q1

'19

Q2

'19

E

Q3

'19

E

Q4

'19

E

20

19

E

20

20

F

UAE GDP Growth Rate1, %

M2 registered an increase of 0.8% QoQ and 5.4% YoY in

Q3’19

The increase in M2 was primarily due to quarterly increase in

non-government resident deposits by 0.9% YoY to AED

1,284.7bn

M1 improved by 0.8% QoQ in Q3’19. On annual basis, M1

increased by 5.7% to AED 511.9bn

Only three M&A deals were proposed or completed during the

quarter

However, increasing move towards digitalization in order to

gain market share and competition in building low-cost

deposits may uptick the trend in M&A activity

During Q3’19, Emirates NBD completed acquisition of

Turkey’s DenizBank to become the #2 bank in the country

with AED 672bn worth of assets

-3.0

-3.1

0.3

5.4

-0.8

0.8

0.5

-2.3

1.3

1.5 1.7

0.81

.8

0.7 1.4 1.8

0.8 2

.1

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

E

M1 M2 M3

UAE Money Supply3, (%, Quarterly)

0.0

2.0

4.0

6.0

8.0

0

5,000

10,000

15,000

20,000

25,000

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

UAE Banking M&A Deals6

Deal Value AED mn # of deals

Pulse: Decrease in RoE and RoA as Pressure on Profitability Margins builds due to Interest Rate Cuts

Note 1: QoQ stand for quarter over quarter

Note 2: Growth in loans & advances and deposits were presented QoQ instead of YoY

Note 3: Quarterly income was used in the calculation of operating income growth

Source: Financial statements, Investor presentations, A&M analysis

Metric Q2’19 Q3’19 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19

SizeLoans and Advances (L&A) Growth (QoQ) 7.5% 7.8%

Deposits Growth (QoQ) 8.5% 7.5%

Liquidity Loan-to-Deposit Ratio (LDR) 87.6% 87.9%

Income &

Operating

Efficiency

Operating Income Growth (QoQ) 4.4% 6.5%

Operating Income / Assets 3.6% 3.5%

Non-Interest Income(NII) / Operating Income 31.4% 30.3%

Yield on Credit (YoC) 7.2% 7.4%

Cost of Funds (CoF) 2.2% 2.3%

Net Interest Margin (NIM) 2.4% 2.5%

Cost-to-Income Ratio (C/I) 32.8% 33.6%

RiskCoverage Ratio 113.2% 111.1%

Cost of Risk (CoR) 0.9% 1.0%

Profitability

Return on Equity (RoE) 14.7% 13.5%

Return on Assets (RoA) 1.9% 1.7%

Return on Risk-Weighted Assets (RoRWA) 2.6% 2.4%

Capital Capital Adequacy Ratio (CAR) 17.6% 17.2%

Key Trends of Q3’19

1

2

3

4

5

6

7

8

The growth in L&A during Q3’19 was primarily driven

due to consolidation of DenizBank with Emirates NBD

RoA declined by 16.5 bps due to lower profit margins.

The CAR declined due to increase in risk weighted

assets

The RoE during Q3’19 declined by 1.2% as the net

income margins were impacted due to two rounds of

interest rate cuts

The increase in CoR was driven by increase in allowance for impairments for Emirates NBD by 2.3x due to consolidation impact

The C/I ratio worsened marginally by 72.1 bps due to

lower operating income of coverage universe which

was partially offset by Emirates NBD’s consolidation

with DenizBank

NIM improved marginally during the quarter

The increase in operating income was mainly

driven by Emirates NBD (+25.5%) as a result of the

consolidation with DenizBank

Excluding Emirates NBD impact, QoQ growth in

L&A and Deposits are 1.6% and 1.5%, respectively

Improved Stable Worsened

5

Overall Deposits Growth Declines Due to Increase in Competition

Note: MS stands for market share

Source: Financial statements, Investor presentations, A&M analysis

** Excluded Emirates NBD due to higher ratios driven by consolidation of Denizbank 6

Excluding Emirates NBD merger

impact, banks QoQ growth in terms of

L&A is 1.5% and deposits is 1.6%

Mashreq Bank reported the highest

deposits growth of 8.4%, while its L&A

growth was 2.0% during the quarter

RAK, SIB and ADCB deposit growth

declined by 6.2%, 4.8%, and 3.8%,

respectively. However, L&A growth

increased for FAB, RAK and CBD by

3.2%, 2.9%, and 2.8%, respectively

KEY TAKEAWAYS**

L&A Growth QoQ (%)

Deposits Growth QoQ (%)

Lost Depositing &

Financing MS

Gained Financing MS

Gained Deposits MS

Gained Deposits &

Financing MS

Q3’19 Av

1.5%

1.6%

1

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

-8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0

LDR Stabilizes as Lower Policy Rates Unlikely to LiftLoan Demand

70

75

80

85

90

95

100

105

110

115

0 100 200 300 400 500 600 700 800

Millions

Loans to Deposits Ratio (LDR)

(excluding Emirates NBD) marginally

increased to 86.4% in Q3’19 from

86.3% in Q2’19

The LDR for RAK and SIB increased

sharply to reach a range of 90%–100%,

as these banks witnessed increase in

L&A compared to decline in deposits

Note: The green zone is an area of healthy liquidity

Source: Financial statements, A&M analysis

** Excluded Emirates NBD due to ratio driven by consolidation of DenizBank 7

KEY TAKEAWAYS**

1

Loans to Deposits Ratio (%)

Total Asset (AED Bn)

Q2’19 AvQ2’19

Q3’19 AvQ3’19

86.4%

86.3%

Operating Income is Driven up by Non-Interest Income

Note: Some numbers might not add up due to rounding

Source: Financial statements, investor presentations, A&M analysis 8

The 6.5% expansion in operating

income was primarily driven by

Emirates NBD which reported a 54.2%

QoQ increase in net fee and

commission income

The increase in net fee and

commission income of Emirates NBD

was driven by consolidation of

DenizBank in its Q3’19 earnings

Excluding Emirates NBD’s merger

impact, the operating income increased

marginally by 0.8%

KEY TAKEAWAYS

19.3

20.3 20.2

21.1

22.4

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

5.5 5.8

6.6 6.6 6.8

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

13.8

14.5

13.6

14.4

15.6

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

Quarterly NII

(AED Bn)

Quarterly Operating Income

(AED Bn)

Quarterly Net Fee commission and other

Operating Income (AED Bn)

+


2

Marginal Improvement Trend in NIM Continues in Q3’19

Note: Relation between elements above represents a functionality and not necessarily an exact mathematical formula

Source: Financial statements, Investor presentations, A&M analysis 9

NIM improved marginally by 2.3 bps

during Q3’19 to 2.51% compared to

2.49% in Q2’19

The marginal improvement in NIM was

supported by stable L&A and increase

in Yield on Credit

The increasing competition for deposits

continue to push up the cost of funds

KEY TAKEAWAYSYield On Credit

(Quarterly Annualized)

Net Interest Margin


Cost of Funds


–

2.59%2.65%

2.45% 2.49% 2.51%

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

1.8% 1.9% 2.1% 2.2% 2.3%

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

6.8%7.1% 7.1%

7.2% 7.4%

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

87.3%86.5%

88.4%87.6% 87.9%

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

Loan-to-Deposit Ratio (LDR) x

3

1.8

2.6

2.6

2.7

2.7

3.1

2.6

5.1

3.0

3.1

1.7

2.9

2.5

2.8

2.6

3.0

2.5

5.1

3.6

3.1

Mixed Trend Seen in NIM for the Coverage Universe

Three banks observed an improvement

and two banks witnessed stability in

NIM during the quarter

SIB, ENBD, and DIB showcased

improvement in NIM by 0.6%, 0.2%,

and 0.1%, respectively during Q3’19

The improvement in NIM of Emirates

NBD was due to the positive impact of

DenizBank consolidation

RAK and EIB had stable ratio

compared with Q2’19



KEY TAKEAWAYSNet Interest Margin (%, Quarterly)


2.49%

2.51%

0.2 0.1-0.1-0.1

0.6

-0.1

Q2’19 Q2’19 Av Q3’19 AvQ3’19

3

-0.1

0.0-0.1

0.0

6.4 6.7 6.4 6.9

7.5

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

C/I Ratio Deteriorated for all the Coverage Banks



The higher C/I ratio of the coverage

universe was driven by higher

operating expenses

SG&A cost for Emirates NBD reported

as 31.5% which marginally impacted

the overall universe’s total cost which

inturn pushed up the C/I ratio

Excluding Emirates NBD, C/I ratio was

34.4% in Q3’19 as compared to 33.7%

in Q2’19

KEY TAKEAWAYS


Quarterly Operating Expenses

(AED Bn)

Cost to Income Ratio

(%, Quarterly Annualized)

Quarterly Operating Income

(AED Bn)

÷

19.3 20.3 20.2 21.1 22.4

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

33.4% 32.9%31.8%

32.8%33.6%

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

4

26.5

29.8

40.2

25.1

44.2

45.6

30.1

39.9

29.9

40.8

27.7

31.2

39.1

26.2

46.6

44.9

30.6

39.3

31.6

38.1

-1.1

1.2

1.4

-0.7

1.1

2.4

1.7

-2.7

0.5

Rise in Staff Cost moved up the SG&A Expenses for Most Banks

C/I ratio was higher* for six banks out

of the total coverage universe

Mashreq, SIB, and Emirates NBD

witnessed the highest escalation in

C/I ratio by 2.4%, 1.7%, and 1.4%,

respectively

The increase in Emirates NBD’s

C/I ratio was primarily driven by

higher SG&A costs of 31.5% due to

merger impact

The C/I ratio improved for EIB, ADCB,

ADIB, and RAK by 2.7%, 1.1%, 0.7%,

and 0.6%, respectively

Note: Scaling and some numbers might not add up due to rounding

Source: Financial statements, investor presentations, A&M analysis

*Comparison on QoQ basis 12

KEY TAKEAWAYSCost to Income Ratio (%, Quarterly)


33.6%

32.8%

4

Q2’19 Q2’19 Av Q3’19 AvQ3’19

-0.6

Cost of Risk Increased due to Increase in Net Loan Loss Provisions



The CoR was reported at 1.0% as the

banks witnessed surge in their net loan

loss provisions by 32.0% during Q3’19

Increasing pressure in real-estate and

construction sector amid softening oil

economy likely to increase the CoR

KEY TAKEAWAYSQuarterly Net Loan Loss Provisions

(AED Bn)

Cost of Risk

(%, Quarterly Annualized)

Average Gross Loans

(AED Bn)

÷0.6%

0.7%

0.8%

0.9%

1.0%

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

2.1 2.3 2.6

3.0

4.0

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

1,351 1,356 1,379

1,481

1,600

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19


5

49.6

71.8

99.9

97.9

118.9

77.8

110.7

356.9

22.5

127.4

48.6

146.5

88.9

84.5

118.2

101.1

98.5

363.5

52.7

164.7

74.6 -0.7

30.2

37.2

-12.2

Cost of Risk Improved for Five of the Top Ten Banks

CoR improved for DIB, CBD, and

ADCB by 13.4bps, 12.2bps, and

11.0bps, respectively

ENBD, EIB, SIB, ADIB, and RAK

bank’s CoR worsened by 74.6bps,

37.2bps, 30.2bps, 23.3bps, and 6.6bps,

respectively



KEY TAKEAWAYSCost of Risk (bps) – Net of Reversals

104.3

85.1

5


Q2’19 Q2’19 Av Q3’19 AvQ3’19

-1.0

-11.0

-13.4 23.3

6.6

RoE Declined for all the Coverage Banks

The average RoE for the coverage

universe reported was 13.5% during

Q3’19 compared to 14.7% in Q2’19

RoE was impacted during Q3’19 as

pressure on profitability margin

continues due to interest rate cuts in

Jul’19 and Sep’19

Excluding Emirates NBD, RoE of the

coverage universe dropped to 13.0% in

Q3’19 compared to 14.0% during Q2’19

0

7

13

20

26

- 100 200 300 400 500 600 700 800 900

Millions


KEY TAKEAWAYS

Return on Equity (%)

Q2’19 Q2’19 Av

Q3’19 AvQ3’19

6

Asset Size (AED Bn)

14.7%

13.5%

UAE Banks’ Profitability Declined; Anticipating the Pressure to Continue

Note: All the charts above are based on L3M numbers

Op Income stands for Operating Income

Scaling and some numbers might not add up due to rounding


RoE deteriorated to 13.5%, driven by

rise in CoR and higher impairment

allowance during Q3’19

Fed funds rate cut during

September’19 and in Qctober’19 are

likely to put pressure on banks’ margin

in the next quarter

KEY TAKEAWAYS

Net Interest Margin (%) Cost of Funds (%)

Non-Interest Income /

Op. Income (%)

Yield On Credit (%)

LDR (%)

Return on Equity (%)

15.8 15.2 15.5 14.7 13.5

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Return on Assets (%)

1.9 2.0 1.9 1.9 1.7

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Assets / Equity (x)

7.6 7.5

7.7 7.6

7.7

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

28.6 28.6

32.6 31.4

30.3

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

2.6 2.6 2.5 2.5 2.5

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

6.8

7.1 7.1 7.2

7.4

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

1.8 1.9 2.1 2.2 2.3

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

87.3

86.5

88.4

87.6 87.9

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19


Cost / Income Ratio (%)

Cost of Risk (%)

Op. Income / Assets (%)

33.4 32.9

31.8

32.8

33.6 Q

3'1

8

Q4

'18

Q1

'19

Q2

'19

Q3

'19

0.6 0.7 0.8 0.9 1.0

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

3.6 3.6 3.6 3.6 3.5

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

7

GCC Banking Consolidation

GCC list of M&A transactions in banking sector YTD – September’19

Announcement

DateTarget Company

Target

CountryAcquirer Company % Sought

Consideration

(AED Mn)Deal Status*

29-Jan-19 Union National Bank PJSC UAE Abu Dhabi Commercial Bank PJSC 100% 11,531 Completed

29-Jan-19 Al-Hilal Bank PJSC UAE Abu Dhabi Commercial Bank PJSC 100% NA Completed

15-Mar-19 Banque Saudi Fransi Saudi ArabiaOlayan Investments, Ripplewood

Advisors LLC5% 1,609 Completed

03-Apr-19Oman United Exchange Co

LLCOman Private Investor 25% NA Completed

10-Apr-19 Invest bank PSC UAE Emirate of Sharjah United Arab Emirates 50% 989 Completed

21-Apr-19 HSBC Saudi Arabia Ltd Saudi Arabia HSBC Holdings PLC 2% 31 Pending

07-Apr-19 Noor Bank PJSC UAE Dubai Islamic Bank PJSC 100% NA Proposed

12-May-19 Gulf Bank KSCP Kuwait Alghanim Industries Ltd 16% NA Completed

20-Jun-19 Warba Bank KSCP KuwaitKuwait & Middle East Financial

Investment Co KSCP- NA Proposed

08-Aug-19 DenizBank AS Turkey Emirates NBD PJSC 0.2% NA Pending

15-Aug-19 Cqur Bank LLC Qatar VTB Bank PJSC 19% NA Completed

12-Sept-19 Ahli United Bank BSC Bahrain Kuwait Finance House KSCP 100% 21,431 Pending

Source: Bloomberg*Proposed Status: Board suggests shareholders to consider the acquisition*Pending Status: Acquisition has announced *Completed Status: Acquisition has completed

17

GLOSSARY

18

Glossary

Metric Abbreviation Definition

SizeLoans and Advances Growth L&A QoQ growth in EOP net loans and advances for the top 10

Deposits Growth QoQ growth in EOP customer deposits for the top 10

Liquidity Loan-to-Deposit Ratio LDR (Net EOP loans and advances / EOP customer deposits) for the top 10

Income &

Operating

Efficiency

Operating Income Growth QoQ growth in aggregate quarterly operating income generated by the top 10

Operating Income / Assets (Annualized quarterly operating income / quarterly average assets) for the top 10

Non-Interest Income /

Operating Income(Quarterly non-interest income / quarterly operating income) for the top 10

Net Interest Margin NIM(Aggregate annualized quarterly net interest income) / (quarterly average earning assets) for the top 10

Earnings assets are defined as total assets excluding goodwill, intangible assets, and property and equipment

Yield on Credit YoC (Annualized quarterly gross interest income / quarterly average loans & advances) for the top 10

Cost of Funds CoF(Annualized quarterly interest expense + annualized quarterly capital notes & tier I sukuk interest) / (quarterly average interest

bearing liabilities + quarterly average capital notes & tier I sukuk interest) for the top 10

Cost-to-Income Ratio C/I (Quarterly operating expenses / quarterly operating income) for the top 10

RiskCoverage Ratio (Loan loss reserves / non-performing loans) for the top 10

Cost of Risk CoR (Annualized quarterly provision expenses net of recoveries / quarterly average gross loans) for the top 10

Profitability

Return on Equity RoE(Annualized quarterly net profit attributable to the equity holders of the banks – annualized quarterly capital notes & tier I sukuk

interest) / (quarterly average equity excluding capital notes) for the top 10

Return on Assets RoA (Annualized quarterly net profit / quarterly average assets) for the top 10

Return on Risk-Weighted Assets RoRWA (Annualized quarterly net profit generated / quarterly average risk-weighted assets) for the top 10

Capital Capital Adequacy Ratio CAR (EOP tier I capital + tier II capital) / (EOP risk-weighted assets) for the top 10

Note: LTM and EOP stand for last twelve months and end of period respectively 19

Glossary (cont’d.)

Note: Banks are sorted by assets size

* As on 30th September 2019 20

Bank Assets (AED Bn)* Abbreviation Logo

First Abu Dhabi Bank 788.1 FAB

Emirates NBD 675.6 ENBD

Abu Dhabi Commercial Bank 406.9 ADCB

Dubai Islamic Bank 230.0 DIB

Mashreq Bank 146.9 Mashreq

Abu Dhabi Islamic Bank 124.3 ADIB

Commercial Bank of Dubai 82.5 CBD

Emirates Islamic Bank 62.7 EIB

National Bank of Ras Al-Khaimah 56.3 RAK

Sharjah Islamic Bank 45.6 SIB

UAE Banking PulseQ3’19 edition of the UAE Banking Pulse (“The Pulse”). In this quarterly...

Documents

Transcript of UAE Banking PulseQ3’19 edition of the UAE Banking Pulse (“The Pulse”). In this quarterly...