National banks provide AED40.6 billion in financing to commercial, industrial sectors over 12 months
National banks in the UAE have increased their credit financing provided to the business and industrial sectors by AED40.6 billion or 5.8 percent, as of the end of April 2023.
The Central Bank of the UAE has released the latest statistics on credit financing, which show that national banks had provided AED737.3 billion in credit to the business and industrial sectors, compared to AED696.7 billion in April 2022.
The statistics also show that national banks increased their credit balance for the two sectors by AED2.1 billion or 0.3 percent in April, up from AED735.2 billion in March.
National banks gave 90 percent of their accumulated credit balance of AED818.9 billion to the country’s business and industrial sectors by the end of April, while foreign banks only provided 10 percent or AED81.6 billion.
By the end of April, banks in Abu Dhabi had provided AED365.6 billion in credit to these sectors, banks in Dubai provided AED351.3 billion, and banks in other emirates offered AED102 billion.
By the end of April, the business and industrial sectors received credit financing mostly from traditional banks, which provided AED675.5 billion or 82.5 percent of the total, while Islamic banks contributed AED143.4 billion or 17.5 percent.
