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    CMF Reports Performance of Supervised Banks Amid COVID-19 Crisis

    June 26, 2020

    CMF published a report, along with the associated data, on the performance of supervised banks and cooperatives amid the COVID-19 crisis. CMF reported that, in May, loans from the banking system grew 8.63% in 12 months, driven by the commercial portfolio in the context of the granting of loans with a Fogape COVID-19 guarantee. The performance report points out that variations in total loans and commercial loans are influenced by the granting of loans with a Fogape COVID-19 guarantee during May. Without considering these operations, loans from the banking system would have grown 6.78%, measured in 12 months.

    The housing portfolio registered an increase of 8.12%, which is lower than the previous month number of 8.79% while consumption registered a fall for the third consecutive month. In terms of credit risk, the indicators increased again in the month. The loan-loss provisioning index rose from 2.59% to 2.61%, the delinquency rate of 90 days or more went from 2.03% to 2.07% and the indicator of impaired portfolio rose from 5 0.03% to 5.22%. Consumption was the portfolio that registered the highest increases in its risk indicators. The profit for May, of $103,591 million (MMUSD 127), was reduced by 49.01% in monthly terms (that is, compared to April 2020) and 19.47% compared to 12 months ago. The lower result for the month was mainly due to a decrease in the interest margin and in the result of financial operations. Consequently, the return on average equity fell to 11.15% and the return on average assets reached 0.84%.

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    Keywords: Middle East and Africa, UAE, Dubai, Banking, Cyber Risk, DIFC, Operational Risk, Cyber Testing, Outsourcing Arrangements, Third-Party Arrangements, Dubai FSA

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