28.5 billion dirhams in national bank financing for the commercial and industrial sectors during the first half

Abu Dhabi, August 31 /  The volume of credit financing granted by national banks to the trade and industry sectors in the country increased by about 28.5 billion dirhams during the first half of this year, according to the latest statistics of the UAE Central Bank.

Statistics showed that the cumulative balance of credit provided by national banks to the trade and industry sectors reached 745.6 billion dirhams at the end of last June, compared to about 717.1 billion dirhams at the end of December 2022, an increase of 4% in 6 months.

According to statistics, the cumulative balance of credit provided by national banks to the trade and industry sectors increased on a monthly basis by 0.01%, or the equivalent of 100 million dirhams, to reach 745.6 billion dirhams at the end of June, compared to 745.5 billion dirhams last May, while it increased on an annual basis by about 3.8%, or The equivalent of 27.5 billion dirhams, compared to about 718.1 billion dirhams in June 2022.

According to the Central Bank, facilities for the commercial and industrial sectors include lending to residents from discounted commercial papers, 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 90.3% of the total cumulative balance of credit granted to the two sectors, which amounted to 825.9 billion dirhams at the end of last June, while the share of foreign banks amounted to about 9.7%, amounting to 80.3 billion dirhams.

The cumulative balance of credit provided by banks in the Emirate of Abu Dhabi to the trade and industry sectors reached about 367.4 billion dirhams at the end of last June, while it amounted to about 356.2 billion dirhams to banks in the Emirate of Dubai, and 102.3 billion dirhams to banks in the other emirates.

Conventional banks accounted for about 677.2 billion dirhams, or the equivalent of 82%, of the credit financing granted to the trade and industry sectors at the end of last June, while the share of Islamic banks reached about 148.7 billion dirhams, equivalent to 18%.