Average of $225m borrowed from UAE banks per week

Central bank data shows extent of personal loans being approved to residents in first five months of 2015
Average of $225m borrowed from UAE banks per week
By Staff writer
Sat 11 Jul 2015 01:15 AM

UAE banks lent an average of AED828 million ($225 million) per week in personal loans to residents during the first five months of 2015, new data has revealed.

A total of AED17.4 billion was borrowed from UAE banks by residents, according to Al-Ittihad newspaper, citing figures from the UAE Central Bank.

This brings the total loans issued by UAE banks in personal loans to AED317.2 billion, up 5.8 percent since the end of December 2014, the report added.

The report claimed personal loans account for 22.1 percent of banks’ credit portfolio and UAE banks’ loan and credit portfolios has rose 1.4 percent to AED1.43 trillion at the end of May.

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