Lloyds TSB Bank, the UAE subsidiary of the British financial group, closed out a most successful year at the end of December, which, in terms of performance, is better than what the entire banking sector could expect during 2001, reported Al-Bayan.
According to John Pringle, Lloyds TSB Bank’s regional director, the UAE division of the bank reported Dh 25.2 million profits in 2000, 20 percent more than the amount registered during the previous year. Deposits increased from Dh 850 million to Dh 1 billion during the same period, a 17 percent rise.
In contrast, Pringle stated, the UAE banking sector is likely to report an average profit rise of about 10 percent. Given the current level of economic growth in the UAE at present, Pringle said, 10 percent growth would be quite satisfactory. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
