Abu Dhabi, UAE – Credit financing provided by the UAE national banks to the trade and industry sectors grew 6.1 percent YoY, or AED42.5 billion ($11.5 billion) in the first three months of 2023, according to recent data issued by the Central Bank of the UAE (CBUAE).
The statistics showed that the cumulative balance of credit provided by national banks to the two sectors amounted to AED 735.2 billion ($99.9 billion) at the end of March compared to some AED692.7 billion ($188.3 billion) in the corresponding period last year.
According to the apex bank’s data, the cumulative balance of credit provided by national banks to the two sectors increased on a monthly basis by 0.1 percent, or AED500 million ($136 million), from AED734.7 billion ($199.8 billion) in February.
Financing provided by Emirati banks accounted for 90.1 percent of the total credit granted to the two sectors, which stood at AED815.9 billion ($221.9 billion) by the end of March, with foreign banks based in the country accounting for 9.9 percent or AED80.7 billion ($21.9 billion).
The credit financing for the two sectors in Abu Dhabi reached AED673.6 billion ($182.9 billion), or 82.6 percent by the end of January, with the Sharia-compliant banks comprising 17.4 percent thereof, or some AED142.3 billion ($38.6 billion). The same amounted to AED384.7 billion ($104.5 billion) in Dubai and AED100.6 billion ($27.3 billion) in other emirates.