Today's Edition
ABU DHABI (WAM)
Credit facilities provided by the UAE national banks to the private sector reached Dh49.5 billion during the first five months of 2024.
They raised the cumulative total to Dh1.182 trillion at the end of May, up from Dh1.132 trillion at the end of December 2023.
These figures reflect a growth of 4.5 percent, according to the Central Bank of the UAE (CBUAE).
National banks' financing to the private sector increased on a monthly basis by 1.22 percent, or Dh14.3 billion, while on an annual basis, it increased by 5.3 percent, or Dh59.7 billion.
According to CBUAE statistics, national banks account for about 91.4 percent of the total credit portfolio of banks operating in the country to the private sector, amounting to about Dh1.29 trillion at the end of May, while the share of foreign banks is about 8.6 percent.
Foreign banks' financing to the private sector grew to Dh111.5 billion at the end of May, a month-on-month increase of 0.18 percent, or Dh200 million, while on an annual basis, it increased by 4.3 percent, or Dh4.6 billion.
Foreign bank lending to the private sector increased by 3.24 percent, or Dh3.5 billion, during the first five months of this year.
