UAE gross bank assets up at Dh2.9T

abu dhabi — Gross bank assets in the UAE amounted to Dh2.854 trillion by the end of November 2018, 6 per cent up from Dh2.694 trillion by the end of December 2017, according to statistics released by the Central Bank of the UAE.

Gross credit increased to around Dh1.653 trillion by the end of November, a growth of 4.6 per cent from Dh1.58 trillion in December last year.

Domestic loans received by the private sector rose from Dh1.086 trillion in December 2017 to around Dh1.132 trillion by the end of November, with retail loans amounting to Dh338.6 billion by the end of November from Dh337.5 billion from December last year.

Total deposits amounted to Dh1.739 trillion in November, an increase of 7 per cent of Dh112 billion from Dh1.627 trillion in December 2017.

Residents’ deposits amounted to Dh1.535 trillion, government deposits to Dh303.5 billion and non-residents’ deposits to Dh203.3 billion.

The ratio of total bank eligible liquid assets hit 17 per cent to total assets.

The growth recorded in gross credit reflects the robust financial solvency enjoyed by UAE banks as a result of the significant improvement recorded across all operating indicators during the first 11 months of the year. —