The UAE banking sector recorded strong growth in new deposits from the beginning of this year until the end of September 2022, by 9.5 percent, that is, equivalent to 190.4 billion dirhams to 2.19 trillion dirhams, compared to 1.99 trillion dirhams at the end of December 2021.
Data from the UAE Central Bank showed that bank credit increased by 4.4 percent, equivalent to 79.4 billion dirhams, to reach 1.87 trillion dirhams at the end of September 2022, compared to 1.79 trillion dirhams at the end of December 2021.
According to the data, total banking assets grew by 7.9 percent, or the equivalent of 261.5 billion dirhams, to reach 3.58 trillion dirhams, by the end of September 2022, compared to 3.32 trillion dirhams by the end of December 2021.
Over the course of a full year, the assets of the banking sector increased by 10.3 percent, amounting to 335.9 billion dirhams during September 2022, compared to September 2021. While bank credit increased by 5.5 percent, equivalent to 96.9 billion dirhams. New deposits jumped by 12.6 percent, equivalent to 244.6 billion dirhams.
Source (Emirati Gulf Newspaper, adapted)
