Central Bank of UAE (CBE) revealed that total assets of the banking sector increased by 0.9 percent, equivalent to 25.8 billion dirhams, during the month of August, to reach 2800.3 billion dirhams at the end of the month, compared to 2774.5 billion dirhams at the end of July.
Total assets of the UAE's banking sector grew by 4 percent (AED 106.5 billion) in the first eight months of this year.
Bank credit grew by 0.6% in August, while it increased by 3.3% or 52.5 billion dirhams over the first eight months of this year to attain AED 1632.8 billion in August.
The private sector accounted for the largest share of total credit. Credit to this sector increased by 3.3% during the first eight months of this year, equivalent to an increase of AED 36.3 billion, and accounted for AED 1122.7 billion at the end of August. Most of the credit allocated to the private sector went to the industrial and commercial sector.
Source: (Al Khaleej newspaper, Edited)
