The volume of credit finance granted by UAE’s banks to the country’s sectors of commerce and industry increased by approximately 33.5 billion dirhams in a year, according to data from the Central Bank of the UAE (CBUAE).
Statistics showed that the cumulative balance of credit provided by national banks to the trade and industry sectors was 718.1 billion dirhams at the end of June, up from 684.6 billion dirhams in June 2021, a 4.9 percent increase.
Findings reveal that the cumulative balance of credit provided by national banks to the trade and industry sectors increased by 34.5 billion dirhams, or 5.1 percent, in the first half of this year, compared to approximately 683.6 billion dirhams in December 2021.
The volume of credit finance granted by national banks accounts for 89.6 percent of the total cumulative balance of credit granted to the two sectors, which stood at 801.6 billion dirhams at the end of last June. Foreign banks held about 10.4 percent of the market, worth 83.5 billion dirhams.
Credit provided by foreign banks to the sectors increased by 4.8 percent month on month, compared to approximately 79.7 billion dirhams in May 2022, representing an increase of 3.8 billion dirhams in June alone.
Moreover, CBUAE highlighted that the cumulative balance of credit provided by national banks in the Emirate of Dubai to the trade and industry sectors amounted to around 361.2 billion dirhams at the end of June 2021. Meanwhile, the balance accounted for around 341.9 billion dirhams for national banks in Abu Dhabi and 98.5 billion dirhams for national banks across other emirates.
