UAE national banks provide $201bn in financing by April

UAE national banks provide $201bn in financing by April

The Central Bank of the UAE (CBUAE) said national banks increased their credit financing to business and industrial sectors by 5.8 per cent or $11.1bn (Dhs40.6bn) over the past 12 months to Dhs737bn as of April 2023, according to state-run news agency . The latest data from the CBUAE reflects that financing to the business and industrial sectors by national banks rose to Dhs737bn, compared to Dhs697bn in April 2022. The apex lender said national banks increased their credit balance for the two sectors by Dhs2.1bn or 0.3 per cent in April, up from Dhs735.2bn a month earlier. National banks gave 90 per cent of their accumulated credit balance of Dhs818.9bn to the UAE’s business and industrial sectors by the end of April, while foreign banks provided 10 per cent or Dhs81.6bn. said Abu Dhabi-based banks provided Dhs365.6bn in credit to these sectors by the end of April, banks in Dubai provided Dhs351.3bn while those in other emirates availed Dhs102bn during the period under review. The central bank said the business and industrial sectors received credit financing mostly from traditional banks, which provided Dhs676bn or 82.5 per cent of the total, while Islamic banks contributed Dhs143.4bn or 17.5 per cent.