UAE lending grows 7.2% in 9 months
abu dhabi — Lending in the UAE, the second biggest Arab economy, grew 7.2 per cent in the first nine months of the year, data released by the UAE Central Bank showed on Sunday.
The deposits at the UAE, however, grew even strong by 8.8 per cent as a result of an increase in resident deposits, which showed a strong upward trend growing 10.9 per cent.
In the month of September, deposits at banks in the country, however, slipped 0.1 per cent reaching Dh1.270
8.8%
growth recorded in the deposits
trillion, as a result of a decrease in non-resident deposits.
Loans and advances net of provisions and interest in suspense increased by 1.1 per cent to reach Dh1.178 trillion in the same month.
However, bank assets increased by 1.2 per cent to reach Dh1.907 trillion, at the end of September 2013, says the monetary data.
During the first nine months of 2013, the monetary aggregate M2, increased by 10.7 per cent.
The money supply aggregate M2 which comprises of M1 and quasi-monetary deposits (resident time and savings deposits in dirhams, commercial prepayments in dirhams and resident deposits in foreign currencies), increased by 1.6 per cent, from Dh939.5 billion at the end of August 2013 to Dh955 billion at the end of September of the same year.
The money supply aggregate M3, (M2 plus government deposits at banks operating in the UAE as well as at the Central Bank), increased by 0.2 per cent from Dh1.197 trillion at the end of August 2013 to Dh1.199 trillion at the end of September of the same year.