UAE national banks’ assets up by 7.3%

22/02/2017 05:50 AST

Total assets of the UAE national banks increased by 7.3 per cent to Dhs2.23 trillion last January over January 2016, while the total value of assets of the foreign banks operating in the UAE fell by about 5.4 per cent to Dhs377.1 billion. Credit facilities of national banks rose by 8 per cent to Dhs1.39 trillion in January compared to January 2016, while the credit facilities of foreign banks fell by around 7.8 per cent to Dhs192.8 billion.

Government credit from foreign banks declined during the same period by around 19.7 per cent to Dhs5.3 billion, while the credit facilities from national banks to the government rose by around 4.9 per cent to Dhs167.6 billion. The foreign banks’ lending to the private sector dropped by around 7.5 per cent to Dhs136.4 billion, while national banks’ lending to the private sector rose by around 8.5 per cent to Dhs940.2 billion.

The data released by the UAE Central Bank showed that personal loans from national banks grew by around 6.5 per cent to Dhs316.2 billion, while personal loans from the foreign banks operating in the UAE fell by about 8.1 per cent to Dhs32.8 billion. Deposits of national banks grew by around 8.5 per cent to Dhs1.351 trillion in January 2017 over January 2016, while those of foreign banks fell by around 6.5 per cent to Dhs210.8 billion.

The total value of investments of national banks recorded an increase of around 18.6 per cent to Dhs272 billion, while the investments of foreign banks grew by 5.8 per cent in the same period to Dhs20.1 billion. Foreign banks raised its general provisions by 2.6 per cent to Dhs3.9 billion in last January compared with January 2016, while national banks raised their provisions by 9.7 per cent to Dhs24.9 billion.

Foreign banks raised its special provisions and outstanding interests by 16 per cent to Dhs19.6 billion, while national banks increased theirs by 6 per cent to Dhs59.9 billion. The capital and reserves of national banks were increased by 8.2 per cent to Dhs300.2 billion, while those of foreign banks were increased by 5 per cent to Dhs50.5 billion.

The Gulf Today