«Central»: 41 billion dirhams increase in loans in 7 months

According to data released by the Central Bank today, the strength of the banking sector in the country, and confidence in it, after banks in the country recorded an increase in total deposits during seven months (January 2019 to the end of July 2019) amounted to 21 billion and 940 million dirhams.

The data revealed that the credit portfolio «Loans» increased significantly by 41 billion and 171 million dirhams, at a time when the private sector obtained loans of 16 billion and 896 million dirhams, in a sign of banks abandon their reservation on lending, and the strength of the private sector in the country.

In detail, the Central Bank revealed that the total credit portfolio «Loans» achieved a significant increase during seven months amounted to 41 billion and 171 million dirhams, which rose to one trillion and 550 billion and 608 million dirhams at the end of last July, compared to one trillion and 509 billion and 437 million at the end of December 2018 .

The total loans obtained by the private sector rose by 1 billion dirhams to 146.196 billion dirhams at the end of July 2019, compared with 1.130 billion dirhams at the end of December 2018, an increase of 16.889 billion dirhams, the central bank said in recent data published yesterday. In a sign of banks abandoning their reservation on lending, the strength of the private sector in the state.

According to CBK data, total deposits with banks rose to AED 1.777 billion and 590 million at the end of July 2019 compared to AED 1.755 billion and 650 million at the end of December 2018, an increase of AED 21 billion and 940 million in 7 months, indicating confidence The large banking sector in the UAE.

Net international reserves at banks at the end of July 2019 amounted to AED 435.939 million, compared to AED 418.999 billion at the end of December 2018, an increase of AED 17,840 million.

Total assets of banks in the UAE rose to AED2.9757 billion at the end of July, compared to AED2.8685 billion in December 2018, an increase of AED107.257 billion.

The Central Bank revealed that foreign assets at banks reached 737.224 billion dirhams compared to 679.664 billion dirhams, an increase of 57.595 billion dirhams, pointing out that foreign assets represent about 25% of the total assets at banks at the end of July 2019.

The statistics indicated that the number of employees working in banks and the number of private branches continued to decline as a result of the rapid transformation of banks to keep pace with the latest global technologies.The number of employees decreased to 36,311 employees at the end of July 2019, compared to 36,629 employees at the end of July 2019. December 2018, a decrease of 318 employees. The number of private branches in banks declined to 711 from 743 at the end of December 2018.