AED 86.4 billion of total personal loans for business during 2018

21-03-2019 Media in\ Abu Dhabi
The total value of personal loans provided by banks to finance business was AED 86.4 billion in 2018, an increase of 8% to AED 6.4 billion compared to AED 80 billion in 2017.
Personal loans to finance business accounted for 5.7% of total loans extended by the banking system to all economic activities amounting to AED 1.5 trillion at the end of 2018.
The continuity of the banking system reflects the continuation of the activity of the sector, which is of great importance within the list of objectives of sustaining the overall development wheel in the country.
It is evident from the follow-up of the movement of bank funds to the sector that last year witnessed the continued increase in the pace of facilities received, especially from the national banks, which took the largest share of loans granted to people to finance business.
During the first quarter of 2018, the value of facilities received by individuals to finance their business amounted to about 2 billion dirhams. The total balance increased from 80 billion dirhams in December 2017 to 82 billion dirhams in the first quarter of 2018.
In the second quarter of 2018, the value of personal loans to the business amounted to 1.2 billion dirhams, bringing the total balance to reach 83.2 billion dirhams compared to 82 billion in the previous quarter. In the third quarter, the total balance increased to about AED 84 billion.
In the last quarter of last year, the pace of personal loans increased to AED 86.4 billion, an increase of AED 2.4 billion compared to the third quarter of the same year.