Low bank credit in UAE banks
13:49 - 22/05/2018
Information / Baghdad ..
Official data showed that total bank credit (loans and financing) fell by 0.1 percent in April, on a monthly basis.
Central bank data released on Tuesday showed bank credit at the end of last April fell to 1,606.6 billion dirhams ($ 437.3 billion), while bank credit in March reached 1608.1 billion dirhams ($ 437.7 million).
The data also showed a decrease in bank deposits in April by 0.14% to 1660.1 billion dirhams ($ 451.9 billion), compared to 1662.4 billion dirhams ($ 452.5 billion) the previous month.
The central bank said in a report on Monday that lending growth slowed in 2017, despite rising credit growth for the real estate sector, noting that the improvement in the economic conditions of the domestic market did not translate into an expansion in the increase in loans.
The UAE has 49 banks, 23 of them locally and 26 foreign banks, with a total of 948 branches nationwide, including 862 branches of national banks and 86 branches of foreign banks. Ending / 25