Business and industrial sectors receive AED 28.5 billion boost in credit facilities from National Banks in H1 2023

Credit facilities provided by national banks to the business and industrial sector rose by AED 28.5 billion in the first half of 2023, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE).

The apex bank’s figures showed that the two sectors saw a 4 percent rise in cumulative credit balance to AED 745.6 billion at the end of June 2023 from AED 717.1 billion at the end of December 2022.

National banks provide the most credit to the sectors, totalling AED 825.9 billion at the end of June, or 90.3% of the combined credit balance of the two sectors.

Foreign banks have a much smaller share at 9.7 percent or AED 80.3 billion.

The credit balance for the sectors from banks in Abu Dhabi was around AED 367.4 billion as of the end of June, while banks in Dubai provided AED 356.2 billion, and those in other emirates lent some AED102.3 billion to these sectors.

Out of the credit facilities worth AED 745.6 billion that these sectors obtained by the end of last June, traditional banks extended AED 677.2 billion, accounting for 82 percent, while Islamic banks provided about AED 148.7 billion, representing 18 percent of the total.

News Source: Emirates News Agency