Friday 22 March 2019

UAE non-resident deposits outstrip loans by $17bn

ABU DHABI, November 5, 2018

Non-resident deposits across the UAE's banking system reported solid growth during the first nine months of the year, with their growth outstripping retail loans provided to non-residents by Dh63 billion ($17 billion) by the end of Q3.

The expansion in banks' holdings of deposits corroborates investor confidence in the UAE banking sector, reckoned the first in the region in terms of capital adequacy and solvency, reported state news agency Wam, citing various international credit agencies.

During the first seven months of the year, non-residents' deposits outstripped their loans by Dh61 billion, supported by rising interest rates on different certificate of deposits' terms.

According to figures released by the Central Bank of the UAE (CBUAE), the cumulative non-resident deposits account was up to a two-year high of Dh205.4 billion by the end of September.

According to the statistics, non-residents deposits comprise 11.8 percent of total deposits at the UAE banks, figured at around Dh1.73 trillion.

In terms of credit, loans provided to non-residents amounted to Dh141.9 billion by the end of September against around Dh133 billion in the same month 2017. They accounted 8.6 percent of the total credit provided by the UAE banks, estimated at Dh1.623 trillion by the end of September.

Tags: UAE | Deposits | non-residents |

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