UAE National Banks Boost Private Sector with $13.48 Billion in Credit Over Five Months

UAE, 14 August, 2024 :  UAE national banks provided AED49.5 billion ($13.48 billion) in credit to the private sector during the first five months of 2024, bringing the total to AED1.182 trillion by the end of May, up 4.5% from December 2023, according to the Central Bank of the UAE (CBUAE).

Monthly financing increased by 1.22% (AED14.3 billion), while the annual growth was 5.3% (AED59.7 billion). National banks account for 91.4% of the private sector's total credit in the UAE, which totaled AED1.29 trillion in May, with foreign banks contributing 8.6%.

Foreign banks' lending reached AED111.5 billion by the end of May, showing a 0.18% monthly increase and a 4.3% annual rise. Over the first five months of 2024, foreign bank lending grew by 3.24% (AED3.5 billion).

Source : www.zawya.com