Alvarez and Marsal announced the release of a report on the effectiveness of the banking sector in the UAE. According to the report, the net profit of the country’s banks grew by 20% in 2021 compared to the previous year, reaching 52.3 billion dollars.
Based on information from the report, it can be stated that loans to the population and private companies increased by 7%, while deposits grew by 6% in the same period. This indicates a fairly stable activity of the banking sector in the UAE in conditions of economic uncertainty caused by the pandemic.
"The growth of net profit of banks in the UAE in 2021 is linked to improved macroeconomic indicators in the country and the active participation of banks in supporting economic development," the report noted. It is also noted that the banking sector of the UAE continues to remain resilient and able to adapt to changing conditions in the financial markets.
