UAE bank assets reach $991bn

According to figures published in CBUAE’s November summary report on monetary and banking developments, gross credit rose by 0.5 percent from around AED1.878tn ($511bn) at the end of October 2022 to around AED1.887tn ($514bn) at the end of November 2022.

Gross credit increased due to 0.8 percent rise in domestic credit, overriding the 1.7 percent reduction in foreign credit.

UAE bank assets near $1tn

Domestic credit grew because of 0.4 percent, 2.0 percent and 0.7 percent climbs in credit to the government sector, public sector (government related entities) and private sector, correspondingly; overriding the reduction in credit to the non-banking financial institutions by 3.8 percent.

Total bank deposits increased by 1.6 percent, mounting from around AED2.204tn ($600bn) at the end of October 2022 to some AED2.239tn ($610bn) at the end of November 2022.

The growth was due to the rise in resident deposits by 2.5 percent, overshadowing the reduction in non-resident deposits by 6.2 percent.

The deposits increased owing to 0.6 percent, 9.8 percent, 2.0 percent and 1.3 percent expansions in government sector deposits, public sector (government related entities) deposits, private sector deposits and non-banking financial institutions deposits, respectively.

The report also revealed that the monetary base expanded by 3.7 percent climbing from AED468.8bn ($128bn) at the end of October 2022 to AED486bn ($132bn) at the end of November 2022.

The main drivers of this expansion were increases in currency issued and banks and offshore financial centres’ current accounts and overnight deposits of banks at CBUAE by 4.8 percent and 58.3 percent, respectively.

Whereas, reserve account and certificates of deposit and monetary bills decreased by 23.7 percent and 1.9 percent, individually.