UAE personal loans fell by 10.9% in April

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PERSONAL LOANS: UAE banks have extended fewer loans in the past few months compared with the end of 2008.

Personal loans extended by UAE banks fell 10.9 percent in April compared with the end of last year, while the gap between loans and deposits narrowed over the same period, central bank data showed.

Outstanding personal loans at UAE banks stood at AED201.7 bn ($54.93bn) at the end of April, compared with AED226.4bn on Dec. 31, the central bank said in a statement on its website.

Loans and advances of AED997.7bn on April 30 was up 0.2 percent from the month earlier, the data showed.

Total loans in February had fallen month-on-month as banks become more cautious about new lending during an economic downturn in the country, where the emirate of Dubai is suffering from a sharp downward correction in real estate prices.

Deposits at UAE banks rose 4.2 in April from December to AED961.6bn, the data showed.

The gap between loans and deposits was AED36.1bn - down from AED71.2bn at the end of December, the data showed. (Reuters)

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