2013 Awards and Strategic Priorities
Bps (in 10s)
2
3
UAE Economic Update (cont)
Emirates NBD
Highlights
•
•
Bank deposits declined -AED15.1bn (-1.3% m/m, +9.2% y/y) in
December. For 2012, bank deposits increased by AED 98.1bn, compared
with an increase of just AED 20.1bn through 2011, reflecting increased
liquidity in the banking system.
Loan growth (net of provisions) was much weaker than deposit growth
however, with total loans & advances increasing by just AED 28.1bn last
year.
5Y CDS spread for Dubai held steady in Q1, having reached historic lows
at the start of the quarter. This reflects ongoing market confidence in the
Emirate's ability to meet its debt obligations.
bps
510
Trends in CDS spreads
Dubai (Ihs)
Abu Dhabi (rhs)
160
150
460
140
410
130
360
120
310
110
260
100
210
90
160
80
110
60
70
60
•
3M EIBOR eased further in Q1 2013 as liquidity in the financial system
remained high.
Jan-12 Mar-12
May-12 Jul-12 Sep-12
Nov-12 Jan-13
Source: Emirates NBD Research, Bloomberg
EIBOR - LIBOR spreads
CO
6
5
0
-1
-2
Jan-08
Source Bloomberg
Spread
EIBOR
⚫LIBOR
18
16
14
12
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
YoY Growth %
Bank deposit and loan growth
Bank deposits
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Source: UAE Central Bank
Oct-12
Dec-12
5
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