National banks' financing of trade, industry sectors sums up to AED37.2 bn in 9 months

Credit financing provided by national banks to the trade and industry sectors totalled AED37.2 billion in the first nine months of 2022, according to recent data issued by the Central Bank of the UAE (CBUAE).

The statistics showed that the cumulative balance of credit provided by national banks to the trade and industry sectors reached AED720.8 billion at the end of August, compared to some AED683.6 billion in December 2021, a rise of 5.44 percent.

According to the central bank’s data, the cumulative balance of credit provided by national banks to the two sectors increased annually by 4.83 percent, compared to some AED687.6 billion in September 2021 while it increased on a monthly basis by 0.56 percent, compared to AED717.3 billion in August 2021.

The credit financing granted by national banks to the trade and industry sectors is equivalent to 89.5 percent of the total cumulative balance of credit granted to the two sectors, amounting to AED805.1 billion at the end of September while the share of foreign banks amounted to some 10.5 percent, valued at AED84.3 billion.

According to the central bank’s statistics, the cumulative balance of credit provided by national banks in Dubai to trade, and industry sectors amounted to some AED354.8 billion at the end of September while this figure was AED350.6 billion in Abu Dhabi, and AED99.7 billion for other emirates.

Conventional banks accounted for some AED666.6 billion or 82.8 percent of the credit financing granted to the two sectors at the end of September, while the share of Islamic banks was around AED138.5 billion or 17.2 percent.

News Source: Emirates News Agency