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I was working for seven years but lost my job in December 2019. I took out a personal loan of Dh128,000 while I still had a job and paid Dh2,671 in monthly instalments. When I was made redundant, my gratuity of Dh30,000 was used to pay down my loan.
I explained my employment situation to the bank and asked if it was possible to reschedule my loan and pay between Dh800 and Dh1,000 a month. However, they said they could only lower the instalments to Dh1,626 a month, which I cannot afford to pay as I am still looking for a job.
The former resident has been stuck in Pakistan because of the Covid-19 travel restrictions and his banks are now threatening a travel ban and legal action
Dubai: Most of the leading banks in the UAE have declared their first quarter 2021results pointing to improving operating conditions.
While year on year profit gains have been modest at best for most banks, they have made significant gains over the previous quarter and other preceding quarters.
Clearly, the Q1 numbers are pointing to improvement in the economic conditions leading to improved non-interest incomes, gains in cost savings and significant reduction in loan loss provisions supporting profitability.
Although the first quarter numbers indicate a small improvement in loan growth, interest incomes continued to be under stress due to the low interest rate environment, somewhat offset by savings from lower cost of funds.
Lower provisions, costs and higher coverage ratios point to improving credit conditions Improved financial results of leading banks point to a steady recovery in the overall economic conditions in the UAE. Image Credit: File photo
Dubai: Financial results of top two banks in the UAE showed sharp decline in provisions, improvement in non-interest incomes, consistent decline in costs and improvement in operating profits pointing a steady improvement in the overall economic conditions in the UAE.
Earlier this week Emirates NBD Group reported net profits of Dh2.32 billion for the first quarter, a 12 per cent year-on-year gain and 76 per cent up quarter-on-quarter, supported by lower provisions, lower costs and higher income from improved economic conditions.