National banks extended credit facilities amounting to AED35.3 bn to business & industrial sectors at the end of January

Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY basis to AED35.3 billion by the end of last January, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE).

The apex bank's figures showed that the cumulative balance of credit extended by national banks to the sector grew to AED 720.2 bn by the end of January 2023 from AED 684.9 in the in the corresponding month in 2022.

The volume of credit facilities extended by national banks to the business and industrial sector accounted for 90.1 percent of the gross accumulative credit balance to the two sectors, which reached AED 799.3 bn by the end of last January, while the share of foreign banks stood at 9.9 percent or AED 79.1 billion.

Domestic credit extended by national banks to the sector in the emirates of Abu Dhabi and Dubai in the period under review stood at AED 357.2 bn and AED 345.5 respectively while reached AED 96.6 bn in other emirates.

News Source: Emirates News Agency