The assets of banks in the UAE increased by 1.3% by the end of September 2023 to reach AED 3.951 trillion, compared to AED 3.901 trillion by the end of August 2023, an increase of AED 50.4 trillion.
Bank deposits reached AED 2,420.9 billion by the end of September 2023, an increase of 10.7% compared to the same period last year, and an increase of AED 17.4 billion compared to the previous month.
This was supported by an increase in resident deposits by 1.8% as a result of the growth of deposits of the private and public sectors and non-financial institutions by 9%, 1.3% and 20.1%, respectively.
The total credit increased to AED 1981.6 billion by the end of last September, by 5.8% compared to the same period in 2022, while it increased by AED 28.2 billion compared to the previous month.
The bank’s data indicated an increase of 7.3% in foreign credit and 0.7% in the volume of domestic credit.
The increase in domestic credit was due to 3.3% growth in the public sector and 3.8% in non-financial institutions, along with 0.2% growth in the private sector.
Foreign assets owned by the UAE central bank stabilized at the level of 585.1 billion dirhams at the end of last August, according to a recent report issued by the central bank.
Assets decreased slightly from AED 597.5 billion at the end of July, while remaining an increase of about 18.5% from the total recorded at the beginning of the year of AED 493.8 billion, and the bank’s bank balances and deposits with banks abroad stabilized at AED 352.2 billion.
The report showed that the stock of foreign securities grew slightly to reach AED 172.4 billion, while the total of other foreign assets reached AED 60.4 billion by the end of last August.
