Friday, June 21, 2024

40.6 billion dirham national bank financing for trade and industry sectors within 12 months

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According to the latest figures from the United Arab Emirates, the volume of credit financing provided by national banks to the country’s trade and industry sectors increased by 5.8% year-on-year or equal to 40.6 billion dirhams at the end of last April. Central Bank.

Statistics show that the overall credit balance provided by national banks to the trade and industry sectors reached 737.3 billion dirhams at the end of last April, compared to 696.7 billion dirhams in April 2022.

According to the statistics, the total credit balance provided by national banks to the trade and industry sectors increased by 0.3% or equivalent to 2.1 billion dirhams on a monthly basis, compared to 735.2 billion dirhams last March.

According to the central bank, facilities for commercial and industrial sectors include discounted commercial paper, insurance companies and lending to residents of small and medium enterprises.

The volume of credit provided by national banks to the commercial and industrial sectors in the country was 818.9 billion dirhams at the end of last April, equivalent to 90% of the total outstanding credit to both sectors. The share of foreign banks is about 10%, worth 81.6 billion dirhams.

The overall credit balance provided by Abu Dhabi emirate banks to the trade and industry sectors reached about 365.6 billion dirhams at the end of last April, while it was about 351.3 billion dirhams for banks in the emirate of Dubai and 102. billion dirhams for banks in other emirates.

Conventional banks accounted for about 675.5 billion dirhams, or equivalent to 82.5% of the credit financing provided to the trade and industry sectors at the end of last April, while Islamic banks’ share was about 143.4 billion dirhams, equivalent to 17.5%.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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