UAE banks continued their strong growth to reach the edge of 3 trillion dirhams at the end of June, adding 209.7 billion to their assets during the year (June 2018 - June 2019).
The figures released by the UAE Central Bank showed that assets of banks operating in the country rose to 2.95 trillion dirhams by the end of June compared to 2.74 trillion at the end of June 2018, an increase of 7.6 percent year-on-year.
The balance of banks increased by 90.1 billion dirhams during the first six months of the current year, growing 3.1 percent on a half-year basis, 45.7 billion dirhams of which were registered in May representing a growth of 1.6 percent.
UAE banks raised their reserves at the Central Bank during the first six months to 305.3 billion dirhams, an increase of 12 billion dirhams, growing 4.1 percent on a half-year basis and 14.3 percent year-on-year. The banks also increased their certificates of deposit with the Central Bank to 155.8 billion dirhams at the end of June, an increase of 17.6 billion dirhams in the first six months of this year, 12.7 percent on a half-year basis and 24.4 percent year-on-year.
Source: (Al-Bayan newspaper – UAE, Edited)
