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Mon 23 Mar 2020 02:02 PM

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UAE's gross banking assets hit record $810bn high in February

February banking assets total represents a year-on-year increase of 6.4% compared to February 2019

UAE's gross banking assets hit record $810bn high in February

The Central Bank of the UAE has revealed the country's gross banking assets have risen to AED3.095 trillion ($810 billion), the highest ever figure recorded.

The February gross banks' assets total represents a year-on-year increase of 6.4 percent compared to February 2019 (AED2.909 trillion).

Statistics issued by the central bank and cited by state news agency WAM highlighted an increase in the value of deposits, which reached AED1.828 trillion in February, a 3.4 percent growth compared to AED1.768 trillion in February 2019.

Gross credit figures also increased to AED1.745 trillion in February, an increase of 4.4 percent.

Domestic credit rose from AED1.524 trillion in February 2019 to AED1.571 trillion while the value of government credit amounted to AED231.5 billion and the private sector recorded an amount of AED1.14 trillion.

Total investments by banks in the UAE reached AED409.6 billion in February, up 14.3 percent compared to AED358.4 billion during the same month last year.

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