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UAE bank lending to public, private sectors grows
Dubai - The latest data by the UAE Central Bank released on Tuesday showed gross credit increasing by half a per cent from Dh1.754 trillion in March to Dh1.763 trillion in April.
The UAE banks’ assets fell 0.2 per cent from Dh3.176 trillion to Dh3.169 trillion.
Bank lending to UAE’s government-owned entities (GREs), private sector and non-banking financial companies has improved, reflecting growth in economic activity in the country.
The latest data by the UAE Central Bank released on Tuesday showed gross credit increasing by half a per cent from Dh1.754 trillion in March to Dh1.763 trillion in April.
Lending to GREs, private sector and non-banking financial firms increased by 1.3 per cent, 0.4 per cent and 4.9 per cent, respectively.
As the UAE’s economic recovers takes hold after the Covid-19 impact owing to massive vaccination campaign, key sectors such as real estate, banking, hospitality and tourism are seeing recovery, prompting banks to increase lending to corporates who have successfully weathered the crisis.
The apex said in its monthly report that total bank deposits fell 0.2 per cent from Dh1.881 trillion in March to Dh1.877 trillion in April due to 0.7 per cent reduction in resident deposits. But non-resident deposits rose 3.8 per cent.
Resident deposits fell mainly due to 12.5 per cent and 6.4 per cent reductions in GRE deposits and non-banking financial institutions’ deposits, respectively. While government sector deposits rose five per cent.
The UAE banks’ assets fell 0.2 per cent from Dh3.176 trillion to Dh3.169 trillion.
The monthly report said money supply aggregate M1, which includes currency in circulation outside banks and monetary deposits, increased 0.3 per cent from Dh642.3 billion in March to Dh644.4 billion at the end of April 2021.
The money supply aggregate M2, which includes M1 plus quasi-monetary deposits, decreased 1.7 per cent from Dh1.487 trillion to Dh1.462 trillion.
The money supply aggregate M3, which includes M2 plus government deposits, reduced by 0.1 per cent from Dh1.766 trillion to Dh1.764 trillion.
— waheedabbas@khaleejtimes.com
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