UAE Central Bank: Gross bank assets up to AED3.6 trillion by end of October

Gross banks’ assets, including bankers’ acceptances, rose by 0.9%, from AED3.583 trillion at the end of September 2022 to AED3.615 trillion at the end of October 2022, according to the Central Bank of the UAE (CBUAE).

In its report on the monetary and banking developments in October 2022, the bank said that gross credit grew by 0.2%, rising from AED1.873 trillion at the end of September 2022 to AED1.878 trillion at the end of October 2022. Gross Credit rose due to increase in Domestic Credit by 0.1% and Foreign Credit by 1.5%.

The Central Bank attributed the increase in Domestic Credit to the increase in credit granted to the Public Sector (Government-Related Entities) and the Private Sector by 0.7% and 0.1%, respectively.

Total bank deposits increased by 0.8%, climbing from AED2.187 trillion at the end of September 2022 to AED2.205 trillion at the end of October 2022. The growth in total bank deposits was due to the rise in resident deposits by 0.4% and non-resident deposits by 4.2%.

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