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Business, Banking & Finance, Economy

ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

‘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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