29.7 billion dirhams in bank financing for the trade and industry sectors in 7 months

September 21

 

The volume of credit financing granted by national banks to the trade and industry sectors in the United Arab Emirates increased to about 29.7 billion dirhams during the first seven months of this year, according to the latest statistics of the UAE Central Bank.

 

 

 

 

 

 

 

Statistics showed that the cumulative balance of credit provided by the National Banks for Trade and Industry reached 746.8 billion dirhams, at the end of last July, compared to about 717.1 billion dirhams, at the end of December 2022, an increase of 4.14% in 7 months.

 

 

 

 

 

 

 

According to statistics, the cumulative balance of credit provided by national banks to these two sectors increased on a monthly basis by 0.2%, or the equivalent of 1.2 dirhams, compared to about 745.6 billion dirhams, at the end of last June, while it increased on an annual basis by about 3.43%, or the equivalent of 24.8 dirhams. One billion dirhams, compared to about 722 billion dirhams in July 2022.

 

 

 

 

 

 

 

According to the Central Bank, the facilities for the two sectors include lending to residents from discounted commercial papers, insurance companies, and small and medium companies.

 

 

 

 

The volume of credit financing granted by national banks to these two sectors in the country is equivalent to 90.4% of the total cumulative balance of credit granted to the two sectors, which amounted to 826 billion dirhams, at the end of last July, while the share of foreign banks amounted to about 9.6%, amounting to 79.2 billion dirhams.

 

 

 

 

The cumulative balance of credit provided by banks in the Emirate of Abu Dhabi to the two sectors reached about 366.4 billion dirhams at the end of last July, while it amounted to about 357.7 billion dirhams for banks in the Emirate of Dubai, and 101.9 billion dirhams for banks in the other emirates.

 

 

 

 

Conventional banks accounted for about 678 billion dirhams, or the equivalent of 82.1%, of the credit financing granted to the trade and industry sectors, at the end of July, while the share of Islamic banks reached about 148 billion dirhams, equivalent to 19.7%. (wham)