By: Ramy Sameeh
Abu Dhabi – Mubasher: Al Hilal Bank expects asset growth ranging between 8% and 10% by the end of 2016, stated the bank’s vice-CEO and board member Sari Asaad Al-Arar.
Speaking on the sidelines of the fourth Middle East Banking Forum on Monday, the top executive revealed that the Abu Dhabi government-owned bank’s assets have surpassed AED 40 billion ($10.89 billion) at present.
“We expect stable growth of around 8%-10% like last year,” he said.
As for the bank’s projected profits for 2016, Al-Arar noted that it was hard to forecast profits at the present time.
“Al Hilal Bank’s sukuk issuances reached around $1 billion in 2016 from our overall plan of around $2-2.5 billion worth of sukuk,” Al-Arar stated at the forum.
Should the need arise for further debt issuances, the bank will take the necessary steps to do so.
As for the Abu Dhabi-based bank’s expansions, the top executive stated that the bank had no plans to expand outside the UAE, with the exception of its three branches in Kazakhstan.
Al Hilal Bank currently boasts 24 branches across the UAE, he added.
Translated by: Nada Adel Sobhi
