Total credit in the UAE banking sector grew by 0.6 percent on a monthly basis in July to reach 1.8 trillion dirhams compared to 1.79 trillion dirhams in June, thus growth has reached about 2.4 percent since the beginning of the year, as for the annual growth rate, it reached 5.6 percent, compared to 1.71 trillion dirhams in July 2019.
According to the data of the UAE Central Bank, the credit to the private sector recorded a decline of about 0.4 percent on a monthly basis, to reach 1.135 trillion dirhams at the end of the month compared to 1.139 trillion dirhams at the end of June 2020, thus the private sector credit from the banking sector has stabilized without any noteworthy growth since the end of last year, and it declined by about 1.1 percent on an annual basis compared to 1.147 trillion dirhams in July 2019.
The total assets of banks in the UAE rose by 0.3 percent on a monthly basis to 3.2 trillion dirhams at the end of July 2020 compared to 3.19 trillion dirhams at the end of June. This increase came as a result of the increase in total credit, which represents 56.3 percent of total bank assets, in addition to the increase in bank investments by about 2.1 percent. On an annual basis, banks’ total assets rose by about 7.6 percent, and the total assets of the banking sector rose to 3.8 percent since the beginning of the year.
Source (Al Khaleej Newspaper-UAE, Edited)
