Total assets of the UAE’s six national banks totalled Dh1.68 trillion ($457 billion) in the first half of 2019, an increase of Dh170 billion ($46.2 billion), or 11.2 percent, compared to Dh1.51 trillion in the same period of 2018.

The sector’s activity is highlighted by the profitability of the banks, which rose to around Dh18 billion in the first half of 2019 while deposits rose to Dh1.08 trillion from January to June, compared to Dh1 trillion in the same period of 2018, reported Emirates news agency Wam.

Loans also witnessed growth, rising from Dh886 billion in the first half of 2018 to Dh946 billion at the end of June 2019.

The UAE’s banking sector, comprising 17 banks, is one of the country’s leading sectors and reflects the vibrancy of the national economy, which is expected to achieve significant growth in 2019.