UAE banks’ assets hit AED 3.2trn in August

UAE banks’ assets hit AED 3.2trn in August

UAE - Mubasher: The assets of the UAE banking system jumped by 8% to AED 3.2 trillion in August 2020 from AED 2.98 trillion in the same month of 2019.





The UAE banks' deposits rose by around 7.7% to AED 1.9 trillion in August 2020, compared to AED 1.76 trillion in the corresponding period of 2019, according to the latest data by the Central Bank of the UAE (CBUAE).





Moreover, the total loans reached AED 1.8 trillion in August, up 5.5% from AED 1.7 trillion in the year-ago period.





The money supply (M1) rose by 1.3% to AED 566.9 billion in August 2020 from AED 559.4 billion in the earlier month.





At the same time, M2 grew by 1.4% to AED 1.51 trillion in August, compared to AED 1.49 trillion in July.