The Emirati banking sector continued to consolidate its assets during the past 2019, achieving a 7.57 percent growth, attracting 115 billion dirhams in deposits from residents and non-residents, while providing additional credit facilities of 103 billion dirhams to various resident and non-resident economic sectors amid the central bank lowering the interest rate on certificates Deposit.
According to the data of the Central Bank, the value of the assets of banks operating in the UAE increased by 217.3 billion dirhams, bringing the total of these assets to 3085.8 billion dirhams at the end of last December, thus increasing the assets of banks by 7.57% in 2019 compared to 2018.
The Central Bank revealed the growth of bank assets during last December, compared to last November, by 1.4%, an increase of 42.7 billion dirhams. While banks continued to provide credit facilities to various resident and non-resident economic sectors and they rose 2.2% last December, thus banks have provided additional financing during the past year by 103 billion dirhams, achieving a growth of 6.2%, bringing the total facilities to 1759.2 billion dirhams by the end of last year.
Source (Al Khaleej newspaper, Edited)
