Gross banks’ assets rose by 2.2% to AED 3,747.8 billion at end of February 2023: CBUAE

Gross banks’ assets rose by 2.2% to AED 3,747.8 billion at end of February 2023: CBUAE

ABU DHABI, 16th May, 2023 (WAM) -- Gross banks’ assets, including bankers’ acceptances, rose by 2.2 percent, from AED 3,668.2 billion at the end of January 2023 to AED 3,747.8 billion 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 percent from AED 1,874.3 billion at the end of January 2023 to AED 1,896.9 billion at the end of February 2023. Gross credit grew due to 1.6 percent increase in domestic credit, overriding a 2.1 percent decline in foreign credit.

Domestic credit expanded because of 2.8 percent and 3.2 percent increase in credit to the private sector and the non-nanking financial institutions, correspondingly. Whereas, credit to the Government Sector and the Public Sector (Government Related Entities), decreased by 0.2 percent and 2.1 percent, respectively.

Total bank deposits increased by 0.4 percent, rising from AED 2,233.2 billion at the end of January 2023 to AED 2,242.3 billion at the end of February 2023. The growth in total bank deposits was due to increases in Resident Deposits by 0.2 percent and Non-resident deposits by 2.0 percent. Resident reposits improved owing to increases by 2.1 percent in both private