The Central Bank: The “appetite” of lending to individuals witnessed a strong rise in all categories

Strong growth in demand for loans in the second quarter of 2022

It is expected that the demand for borrowing will continue to be stronger during the current quarter.

Emirates today

The Central Bank confirmed that the second quarter of this year witnessed a strong growth in demand for financing, which was matched by a similar desire by banks to grant it, which reflects the recovery of the economy and the growing confidence in it, pointing out that the effects of raising the interest rate in demand were slight and marginal on the appetite for lending. .

In the results of the credit survey that it conducts on a quarterly basis, in which it surveys the opinions of senior credit officials in banks on credit trends, the Central Bank added that positive economic activity indicators have supported the growing appetite for commercial and personal loans, indicating that one of the encouraging matters is that the fixed assets investments of dealers continued to increase. He played a major role in the growing demand for loans.

In its report, the Central Bank stated that the data collected indicate a significant increase in demand for business loans, with strong growth in all the Emirates, pointing to the increase in demand also on a large scale among all categories of loans, especially loans for large companies, and those related to trade. Retail and wholesale.

He pointed out that the change in oil prices and the increase in commercial activity, contributed to the willingness of banks and financial institutions to provide loans, with the improvement of the creditworthiness of many borrowers.

The Central Bank stressed that the appetite for lending also for individuals witnessed a strong rise in all categories, except for car loans, and those related to rescheduling home loans, pointing out that the demand for personal loans was the strongest, in light of the banks' willingness to provide greater facilities than before.

He added that the respondents expected to continue the demand for borrowing in all its categories, at a stronger degree during the current quarter, in a clear indication of the continuation of the upward curve of confidence in the economy, and the increase in the creditworthiness of borrowers.

33.88 thousand employees in the banking sector

The Central Bank of the Emirates revealed that the number of banking sector employees in the country increased during the first quarter of this year, amid the improvement of economic activity.

The Central Bank clarified in the quarterly review report and the monetary and banking developments report that the number of bank employees rose to 33,882 employees at the end of the first quarter of this year, an increase on an annual basis of 2.6%, or the equivalent of 845 employees, compared to about 33 thousand. And 37 employees at the end of the first quarter of 2021.

The number of employees was distributed by 27,122 employees in national banks, and 6,760 employees in foreign banks.

The Central Bank indicated that the number of licensed commercial banks in the country reached 59 at the end of the first quarter of this year, comprising 22 national banks and 37 foreign banks, distributed over 585 branches, which reflects the ongoing general trend towards digitization.

In turn, the number of GCC banks operating in the country by the end of the first quarter of this year reached six banks and one business bank, and the number of their branches remained at six, while the number of foreign banks reached 21 banks and 68 branches.

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