UAE bank deposits up by Dh62.4bn

The UAE bank deposits improved Dh62.4 billion to Dh968.1bn in January this year compared to Dh905.7bn in January the previous year, Central Bank data showed yesterday.

However, bank deposits fell marginally from a peak of more than Dh1 trillion that they reached in November 2009.

In a clear sign that the banks remain conservative with their lending policies, their loans and advances increased a mere 1.96 per cent during the period, from Dh997.5bn in January 2009 to Dh1.02trn in January 2010. However, similar to deposits, loans and advances fell 1.16 per cent from a peak achieved in November last year.

Total private funds (capital plus reserves) held by the banks, however, has improved consistently over the past 12 months, growing by 39.26 per cent, from Dh177bn in January 2009 to Dh246.5bn in January 2010.

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