The reporting season in the Middle East this year has been an incongruous affair. There has been record revenue growth as the economic boom continues but some banks have had to be content with much smaller growth in their profits.
This is because, apparently unbeknown to some in the Middle East, there was a financial crisis over the past few months in the US.
One bank that has been more open than some on the issue is Abu Dhabi Commercial Bank. The bank has acknowledged losses related to the sub-prime crises that amounted...
