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14 April 2024

Banks assets at all-time high in November

By Staff

UAE bank assets swelled to an all time high at the end of November to maintain the UAE position as having the largest banking sector in the Middle East.

Assets soared to a record Dh1,795.9 billion at the end of November from Dh1,762.9 billion at the end of October, the Central Bank said in new monthly figures.

The assets at the end of November were nearly Dh123 billion above their level of Dh1,672 billion a year ago, the figures showed.

Deposits with the country’s 23 national banks and 28 foreign units also jumped by around Dh20 billion to Dh1,182.9 billion from Dh1,162.3 billion.

But lending remained relatively slow, growing by just 0.4 per cent month-on-month and 3.4 per cent year-on-year in November compared with more than 30 per cent in 2007.

From around Dh1,103.2 billion at the end of October, total loans by banks grew to nearly Dh1,107.3 billion at the end of November, the report showed.

Personal loans remained dormant, edging up by just Dh800 million to Dh261.7 billion, an increase of only 0.3 per cent month-on-month and 3.8 per cent year-on-year.

The report showed loan loss provisions rose by around Dh900 million to Dh6.4 billion at the end of November from Dh65.3 billion at the end of October.

The banks’ capital and reserves also remained the largest in the region, rising to about Dh275.6 billion from Dh274.4 billion in the same period.