Investor Presentaiton
6%
5%
4%
3%
2%
1%
0%
-1%
-2%
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
60-IոՐ
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Source: Bloomberg, Emirates NBD Research
Jan-11
Apr-11
EIBOR
UAE Economic Update (cont)
Highlights
Total bank loan growth reached 8.3% y-o-y in April. The growth rates
for loan and deposit growth have been broadly stable in the first four
months of the year
Money supply grew at the fastest rate since November 2008, reaching
23.6% y-o-y in April. This reflects strong growth in both demand deposits
and quasi money (FX and longer term dirham deposits)
3M EIBOR rate continued to ease as liquidity in the banking system
improved. The spread between 3M EIBOR and 3M LIBOR is now at the
lowest level since October 2008
• Dubai CDS tightened to a post crisis low of 135 bps mid-June, before
widening slightly to current levels around 156bp, reflecting confidence in
the economic recovery and prospects for growth going forward.
EIBOR - LIBOR spreads
UAE CDS spreads
730
630
530
430
330
230
130
30
60-լոՐ
Dubai (Ihs)
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Oct-10
Jan-11
Jan-1
Apr-11
Jul-11
Oct-11
Jan-12
Jan-12
Abu Dhabi (rhs)
280
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Source: Bloomberg, Emirates NBD Research
Bank deposit and loan growth*
230
180
130
80
30
⚫LIBOR
Spread
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
-4%
Feb-10
Apr-10
Jun-10
Aug-10
Source: UAE Central Bank, *loan growth gross of provisions
Bank deposits (% y/y)
Bank Loans (% y/y)
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
5
sdq
Emirates NBDView entire presentation