Returned at a rate higher than pre-Coronavirus levels
18 billion dirhams of bank financing to individuals within 8 months
The cumulative balance of individual loans amounted to 365.6 billion dirhams at the end of last August.
archival
Mustafa Al-Rikabi: "The return to operation of all economic sectors was reflected in the demand for individual financing, whether it was loans, cards, or the purchase of cars."
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Banks operating in the country granted personal finance to individuals, including loans, credit cards and car financing, at a value of 18 billion dirhams during the first eight months of this year, to return at a higher rate than it was granted before the start of the Corona pandemic, according to data issued by the Central Bank. Yesterday, it showed that deposits of individuals in banks amounted to 14 billion dirhams, during the same period.
The data indicated that the cumulative balance of individual loans at the end of last August amounted to 365.6 billion dirhams, compared to 347.6 billion dirhams at the end of December 2021, a growth of 5.2%.
On the other hand, statistics showed that individual deposits amounted, at the end of last August, to 534 billion dirhams, compared to 520 billion dirhams at the end of last year, an increase of 2.7%.
National banks accounted for the largest share of individual deposits by more than 84%, equivalent to 447.7 billion dirhams, while the remaining share went to foreign banks.
In addition, the banking expert, Mustafa Al-Rikabi, said that “residents of the country prefer to keep their deposits in national banks, due to their advanced services that match the best applied globally, in addition to the fact that their headquarters are within the state, as well as their ownership, and it also provides employees with a number of employees. Kabeer speak Arabic, which most Arab customers prefer to deal with, along with other employees to meet the needs of customers of different nationalities.”
Al-Rikabi added to "Emirates Today", "All these factors increase the demand for dealing with national banks, which enjoy global confidence, as evidenced by the strong ratings granted to them by international institutions."
Al-Rikabi indicated that operating levels in all economic sectors in the country returned to pre-pandemic levels, as this was accompanied by the return of employees to their places in the sectors affected by the repercussions of the pandemic, in addition to the employment of a number of others, explaining that this was “reflected in the demand for individual financing, whether it was Personal loans, cards, or car purchases.
He pointed out that the expansion of the granting of golden residency contributed to an increase in the desire for stability in the UAE, and thus increased demand for consumer loans.
gold balance
Data from the Central Bank showed that the bank’s balance of gold bullion recorded 11 billion and 200 million dirhams at the end of last August, compared to 11 billion and 913 million dirhams at the end of December 2021, a decrease of 713 million dirhams during the comparison period.
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One billion dirhams of individual deposits in banks during the first eight months of 2022.
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