UAE gross bank assets surge to AED2.8 trillion by end of August

Sun 23-09-2018 21:21 PM

ABU DHABI, 23rd September, 2018 (WAM) — The UAE gross bank assets amounted to AED2.8 trillion by the end of August 2018, 4.00 percent up from AED2.694 trillion by the end of December 2017, according to Central Bank of UAE statistics released today.

Gross credit increased to around AED1.633 trillion by the end of August, a growth of 3.3 percent from AED1.58 trillion during December last year.

Domestic loans received by the private sector rose from AED1.086 trillion in December 2017 to around AED1.123 trillion by the end of August, with credit provided to individuals amounting to AED339 billion by the end of August from AED337.5 billion from December.

Total deposits amounted to AED1.703 t trillion, during August, an increase of 4.6 percent of AED76 billion from AED1.627 trillion in December 2017.

The ratio of total banks’ eligible liquid assets- which consist of cash in hand, liquid assets at CBUAE and eligible bonds/sukuks as prescribed by regulation 33/2015 & Basel Principles but excludes interbank positions- hit 16.8 to total assets.

The growth recorded in gross credit reflects the robust financial solvency enjoyed by UAE banks as a result of the significant improvement recorded across all operating indicators during the first eight months of the year.

WAM/Hatem Mohamed/Tariq alfaham

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