The total value of UAE banks’ assets increased by 3.74 percent during the first seven months of this year, representing an increase of 107.26 billion dirhams, which jumped to 2975.773 billion dirhams by the end of July, 737.342 billion of which are foreign assets (about 24.8 percent of the total assets), which increased by 8.047% (an increase of AED 57.595 billion).
The banks attracted more deposits of AED 21.94 billion. Total deposits rose by 1.25 percent to AED 1,777.59 billion at the end of July, including AED 1,574.63 billion for residents and AED 202.96 billion for the non-residents.
The domestic credit grew by 2.7%, an increase of AED 41.2 billion in the first seven months. The total domestic credit reached AED 1,550.608 billion at the end of July, of which AED 1,163.64 billion of private sector credit which rose by 1.18% (AED 13.622 billion) during the first seven months of this year.
The number of national and foreign banks stabilized, but the branches of national banks declined 3 branches and reached 711 branches compared to 80 branches of foreign banks.
Source (Al-Khaleej newspaper, Edited)
