Aggregate assets and bank deposits in the UAE banking sector grew by 10 percent, while credit grew by 5 percent.
According to UAE Central Bank data, total bank deposits increased by 11.3 percent during 2022, equivalent to AED 225.6 billion, to reach AED 2.22 trillion by the end of 2022, compared to AED 1.99 trillion by the end of 2021. Deposits rose 6.2 percent in the second half of last year, equivalent to AED 130.2 million, while the fourth quarter of the year recorded an increase of AED 35.2 billion or 1.6 percent.
The data showed that total bank credit during the year increased by AED 87.1 billion (5%) to reach AED 1.88 trillion by the end of 2022, compared to AED 1.79 trillion by the end of 2021.
Banks' assets in the UAE in 2022 recorded a strong growth of 10.5 percent or AED 348.2 billion, to reach AED 3.67 trillion ($ 1 trillion) by the end of 2022, compared to AED 3.32 trillion by the end of 2021.
Banks' assets increased by about 6.4 percent during the second half of 2022, equivalent to AED 220.5 billion, while they increased by about 2.4 percent, equivalent to AED 86.7 billion in the fourth quarter of last year.
Source (Al Khaleej UAE Newspaper, Edited)
