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The volume of credit financing granted by national banks to the trade and industry sectors in the country increased, on an annual basis, by 5.8%, or the equivalent of 40.6 billion dirhams, by the end of last April, according to the latest statistics of the UAE Central Bank.
The statistics showed that the cumulative balance of credit provided by national banks to the trade and industry sectors reached 737.3 billion dirhams at the end of last April, compared to about 696.7 billion dirhams in April 2022.
According to the statistics, the cumulative balance of credit provided by national banks to the trade and industry sectors increased on a monthly basis by 0.3%, or the equivalent of 2.1 billion dirhams, compared to 735.2 billion dirhams last March.
According to the Central Bank, facilities for the commercial and industrial sectors include lending to residents from discounted commercial paper, insurance companies and small and medium-sized companies.
The volume of credit financing granted by national banks to the trade and industry sectors in the country is equivalent to 90% of the total cumulative balance of credit granted to the two sectors, amounting to 818.9 billion dirhams at the end of last April, while the share of foreign banks amounted to about 10%, with a value of 81.6 billion dirhams.
The cumulative balance of credit provided by banks in the Emirate of Abu Dhabi for the trade and industry sectors reached about 365.6 billion dirhams at the end of last April, while it amounted to about 351.3 billion dirhams for banks in the Emirate of Dubai, and 102 billion dirhams for banks in other emirates.
Conventional banks acquired about 675.5 billion dirhams, or 82.5% of the credit funds granted to the trade and industry sectors at the end of last April, while the share of Islamic banks amounted to about 143.4 billion dirhams, or 17.5%.
