UAE bank assets rise 4% to 2.8 trillion dirhams

UAE bank assets rise 4% to 2.8 trillion dirhams
UAE bank assets rise 4% to 2.8 trillion dirhams
The total value of national bank assets in the country increased by 0.7% on a monthly basis during the month of July, to reach 2.8 trillion dirhams, compared to 2.78 trillion dirhams at the end of June 2020. The increase since the beginning of the year has reached almost 4% compared to 2.69 trillion dirhams at the end of December 2019. The share of national banks in the sector’s total assets was about 87.5%.
The total assets of foreign banks operating in the country decreased by about 2.2% on a monthly basis in July, but it increased since the beginning of the year by about 2.3%, reaching by the end of July, to 403.6 billion dirhams.
Total credit from national banks grew by 0.7% on a monthly basis, and 2.5% since the beginning of the year, to reach 1.61 trillion dirhams by the end of last July. On the other hand, the total credit from foreign banks decreased by 0.6% on a monthly basis last July, but it registered a growth of about 1.5% since the beginning of the year to reach at the end of July 195.9 billion dirhams. 89% share of «National»

National banks represent a share of up to 89% of the total credit to the local economy in its various sectors. According to the details of banking indicators recently issued by the UAE Central Bank, private sector credit from national banks declined by about 0.2% on a monthly basis in July to just over a trillion dirhams, and private sector credit from national banks has not recorded any growth since the beginning of the year. At the same time, foreign bank lending to the private sector declined by 2.2% on a monthly basis, and by 0.5% since the beginning of the year, to 131.5 billion dirhams.

Government credit

As for government credit, the data showed that government credit from national banks declined slightly by 0.04% on a monthly basis in July, and decreased since the beginning of the year by about 3.4% since the beginning of the year to 241.8 billion dirhams. On a monthly basis, government credit from foreign banks increased by about 3.8%, reaching a rise since the beginning of the year to 55.7%, reaching 10.9 billion dirhams at the end of July.
Public sector credit from national banks decreased by about 0.5% on a monthly basis, but increased 17.5% since the beginning of the year, to reach 198.9 billion dirhams by the end of July. Meanwhile, credit to the public sector (companies in which the government owns a 50% or more stake) declined by about 6% on a monthly basis, but increased by 6.9% since the beginning of the year to 17.1 billion dirhams by the end of July.

Growth of personal loans

Personal loans from national banks grew by 0.2% on a monthly basis in July, but remained on the decline since the beginning of the year by 1.5%, to reach 298.2 billion dirhams at the end of July. Personal loans from foreign banks operating in the country decreased by 0.4% on a monthly basis and 8.4% since the beginning of the year to 27.1 billion dirhams at the end of July.

Total investments

Total national banks ’investments have grown by 2.1% on a monthly basis and 6.4% since the beginning of the year to 382.9 billion dirhams at the end of July. Total investments of foreign banks in turn registered a growth of 1.9% on a monthly basis, and 23.3% since the beginning of the year, to reach 48.2 billion dirhams at the end of last July.
Wataniya reduced its investments in stocks on a monthly basis by about 3.4% (20.6% since the beginning of the year) to 8.5 billion dirhams. As for foreigners, they did not invest in stocks in July and withdrew completely and 100% of investments in stocks in the past months.

“Foreign” deposits rise 5%

Total deposits with national banks increased by 1.4% on a monthly basis and 0.4% since the beginning of the year, to 1.67 trillion dirhams. Deposits with foreign banks operating in the country decreased by about 1.2% on a monthly basis last July, but they rose since the beginning of the year by 5% to 222.6 billion dirhams.
National banks raised their special allocations and suspended interest on a monthly basis last July by about 0.9% to 79.3 billion dirhams, thus bringing the increase in private allocations to 9.1% since the beginning of the year.
Foreign banks operating in the country also raised the special provisions and suspended interest by about 0.7% on a monthly basis, and 8.3% since the beginning of the year to 28.8 billion dirhams.
National banks raised their public allocations 2% in July and 15.1% since the beginning of the year to 35.1 billion dirhams at the end of July. Although foreign banks reduced their public allocations by about 2.5% in July, they rose by about 50% since the beginning of the year to 3.9 billion dirhams.

These were the details of the news UAE bank assets rise 4% to 2.8 trillion dirhams for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT US oil production increased by 286 thousand barrels per day during...