UAE gross bank assets surge 6pc to $776bn
ABU DHABI, December 22, 2018
The UAE gross bank assets amounted to Dh2.854 trillion by the end of November, up 6 per cent from Dh2.694 trillion by the end of December 2017, according to Central Bank of UAE statistics released yesterday.
Gross credit increased to around Dh1.653 trillion by the end of November, thus registering a growth of 4.6 per cent from Dh1.58 trillion in December last year.
Domestic loans received by the private sector rose from Dh1.086 trillion in December 2017 to around Dh1.132 trillion by the end of November, with retail loans amounting to Dh338.6 billion by the end of November from Dh337.5 billion from December last year.
Total deposits amounted to 1.739 trillion in November, an increase of 7 per cent of Dh112 billion from Dh1.627 trillion in December 2017.
Residents' deposits amounted to Dh1.535 trillion, government deposits to Dh303.5 billion, and non-residents' deposits to Dh203.3 billion.
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 17 per cent 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 11 months of the year.-TradeArabia News Service
