Gross banks’ assets rose by 2.2% at end of February 2023: CBUAE

Gross banks’ assets rose by 2.2% at end of February 2023: CBUAE

Total bank deposits increased by 0.4 %, data shows

The UAE Central Bank. Domestic credit expanded because of 2.8 per cent and 3.2 per cent increase in credit to the private sector. — KT file

By WAM Published: Tue 16 May 2023, 8:00 PM Last updated: Tue 16 May 2023, 8:12 PM

Gross banks’ assets, including bankers’ acceptances, rose by 2.2 per cent , from Dh3.668 trillion at the end of January 2023 to Dh3.747 trillion at the end of February 2023, according to the Central Bank of the UAE’s Monetary & Banking Developments for February 2023.

Gross credit increased by 1.2 per cent from Dh1.874 trillion at the end of January 2023 to Dh1.896 trillion at the end of February 2023. Gross credit grew due to 1.6 per cent increase in domestic credit, overriding a 2.1 per cent decline in foreign credit.

Domestic credit expanded because of 2.8 per cent and 3.2 per cent increase in credit to the private sector and the non-banking financial institutions, correspondingly. Whereas, credit to the government sector and the public sector (government related entities), decreased by 0.2 per cent and 2.1 per cent , respectively.

Total bank deposits increased by 0.4 per cent, rising from Dh2.233 trillion at the