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Business, Banking & Finance, Economy

Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

‘Credit by national banks rose to US$3.5bn till April 2022’

The Central Bank of the UAE (CBUAE) announced its decision to keep the Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. (CBUAE)
By TRENDS Desk
July 30, 2022 6:54 pm
  • The cumulative balance of credit provided by national banks to the sector on a year-on-year basis grew by 2.14 percent.
  • Value of credit facilities extended by national banks to the sector accounted for 89.1% of gross accumulative credit balance.

Credit facilities provided by national banks to the business and industrial sector rose 1.92 percent to US$3.5 billion (AED13.1 billion) in the first four months of 2022.

Total amount of credit facilities now stands at $189.7 billion (AED 696.7 billion) from $186.1 billion (AED683.6 billion) in the corresponding period in 2021, the Central Bank of the United Arab Emirates (CBUAE) said.

The cumulative balance of credit provided by national banks to the sector on a year-on-year basis grew by 2.14 percent or $3.9 billion (AED 14.6 billion).

The value of credit facilities extended by national banks to the sector accounted for 89.1 percent of the gross accumulative credit balance.

It reached AED 782.5 billion by the end of last April, while the share of foreign banks stood at 10.9 percent or AED 85.8 billion.

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