Total assets of the banking sector in the UAE increased by 0.5 percent from AED 3.88 trillion at the end of July 2023 to AED 3.9 trillion at the end of August 2023.

Total bank credit increased by 0.7 percent from AED 1.93 trillion at the end of July to AED 1.95 trillion at the end of August 2023. Total credit rose due to a 0.8 percent rise in domestic credit. The rise in domestic credit was attributed to increases of 0.6 percent, 1.4 percent, and 0.8 percent in credit to the government sector, the public sector (government-related entities), and the private sector respectively, which overshadowed the 6.2 percent decline recorded in credit to non-bank financial institutions.

Total bank deposits grew by 0.4 percent, rising from AED 2.39 trillion at the end of July 2023 to AED 2.40 trillion at the end of August 2023. The growth in total bank deposits was attributed to an increase in resident deposits by 0.1 percent and an increase in non-resident deposits by 4.1 percent.

Source (Alkhaleej Emirati Newspaper, Edited)