UAE Bank Assets Grew by 3.4 percent

  • Abu Dhabi, United Arab Emirates
  • 14 January 2022

The assets of UAE banks grew by 3.4 percent, from the beginning of last year until the end of November, to reach 2.88 trillion dirhams. According to data from the Emirates Central Bank, the monthly growth in the assets of national banks reached 0.6 percent at the end of last November. On the other hand, the total assets of foreign banks operating in the UAE recorded a growth level of 3.1 percent during the first 11 months of last year. Month-on-month growth in November alone reached 2% to 414.7 billion dirhams.

The assets of foreign banks constitute about 12.6 percent of the total assets of the banking sector, which amounted to about 3.295 trillion dirhams by the end of November 2021. According to the detailed banking indicators issued by the Central Bank of the Emirates, total credit from national banks grew by 1.4 percent on a monthly basis last November to 1.614 trillion dirhams, as a result of the increase in domestic credit by 1.7 percent to 1.47 trillion dirhams. Despite the decline in foreign credit by 1.4 percent to 144.7 billion dirhams, the total credit from national banks grew by about 1 percent during the first 11 months of 2021. On the other hand, it declined by 4 percent during the same period in the total credit from foreign banks operating in the UAE.

Source (Emirati Gulf Newspaper, Edited)

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