UAE personal loans growth resumes

Uptick in personal lending marks first time since December, according to UAE central bank figures.
UAE personal loans growth resumes
By Martin Morris
Mon 22 Jun 2009 02:54 AM

Personal loans in the UAE grew for the first time since December, rising 2.9 percent to Dh207.6 billion ($56 billion) in May, according to the latest Central Bank monthly figures.

Loans growth slowed over the past year, to a low of -0.3 percent in February, as a result of a global credit shortage which forced local banks to reign in lending.

Total bank assets meanwhile climbed 1.2 percent to Dh1.49 trillion, the National reported. Total deposits also rose, increasing by 1.1 percent.

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