Home Business National banks provided AED 696.7 billion in credit facilities to business and industrial sector in first four months of 2022

National banks provided AED 696.7 billion in credit facilities to business and industrial sector in first four months of 2022

by Dubai Forum
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ABU DHABI, 29th July, 2022 (WAM) — Credit facilities provided by national banks to the business and industrial sector rose 1.92 percent (AED13.1 billion) in the first four months of 2022 to AED 696.7 billion from AED683.6 billion in the corresponding period in 2021, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE).

According to the apex bank’s figures, the cumulative balance of credit provided by national banks to the sector on a year-on-year basis grew by 2.14 percent or AED 14.6 billion.

The value of credit facilities extended by national banks to the sector accounted for 89.1 percent of the gross accumulative credit balance, which reached AED 782.5 billion by the end of last April, while the share of foreign banks stood at 10.9 percent or AED 85.8 billion.

the credit facilities extended by the UAE national banks to the two sectors stand at AED13 billion, accounting for 79 percent of total facilities provided by all UAE-based banks to the two sectors during Q1. This accounts for 55 percent of the total loans provided by UAE banks to all business activities performed by the private sector during the reference period.

The UAE national banks provided AED713 bn to the two sectors during Q1 as compared to AED700 bn during last quarter of 2019.

WAM/Tariq alfaham/Amjad Saleh

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