UAE national banks provided AED49.5 billion in credit facilities to private sector in 5 months, up 4.5%

ABU DHABI: Credit facilities provided by the UAE national banks to the private sector reached AED49.5 billion during the first five months of 2024, raising the cumulative total to AED1.182 trillion at the end of May, up from AED1.132 trillion at the end of December 2023, reflecting a growth of 4.5 percent, according to the Central Bank of the UAE (CBUAE). National banks' financing to the private sector increased on a monthly basis by 1.22 percent, or AED14.3 billion, while on an annual basis, it increased by 5.3 percent, or AED59.7 billion. According to CBUAE statistics, national banks account for about 91.4 percent of the total credit portfolio of banks operating in the country to the private sector, amounting to about AED1.29 trillion at the end of May, while the share of foreign banks is about 8.6 percent. Foreign banks' financing to the private sector grew to AED111.5 billion at the end of May, a month-on-month increase of 0.18 percent, or AED200 million, while on an annual basis, it increased by 4.3 p ercent, or AED4.6 billion. Foreign bank lending to the private sector increased by 3.24 percent, or AED3.5 billion, during the first five months of this year. Source: Emirates News Agency