Traditional banks accounted for about 680.8 billion dirhams, or 82.2% of the credit financing granted to the trade and industry sectors in the UAE at the end of last February.
The cumulative balance of credit provided by national banks to the trade and industry sectors in the Emirates increased on a monthly basis by 0.35% to 748.1 billion dirhams at the end of last February, compared to about 745.5 billion dirhams last January, an increase equivalent to 2.6 billion dirhams, according to the latest statistics. Central Bank of the Emirates.
The cumulative balance of credit provided by national banks to the trade and industry sectors also increased by about 1.82%, compared to about 734.7 billion dirhams at the end of February 2023, an increase of 13.4 billion dirhams in 12 months.
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Facilities for the commercial and industrial sectors include lending to residents from discounted commercial papers, insurance companies, and small and medium-sized companies.
The volume of credit financing granted by national banks to the trade and industry sectors in the country is equivalent to 90.3% of the total cumulative balance of credit granted to the two sectors, which amounted to 828.5 billion dirhams at the end of last February, while the share of foreign banks amounted to about 9.7%, amounting to 80.4 billion dirhams.
- The cumulative balance of credit provided by banks in the Emirate of Abu Dhabi to the trade and industry sectors reached about 365.9 billion dirhams at the end of last February.
- The cumulative balance of credit provided by banks in the Emirate of Dubai amounted to about 355.4 billion dirhams
- 103.8 billion dirhams to banks in other emirates.
The distribution of financing between banks was as follows:
- Traditional banks accounted for about 680.8 billion dirhams, or 82.2% of the credit financing granted to the trade and industry sectors at the end of last February.
- Islamic banks accounted for 147.7 billion dirhams, equivalent to 17.8% of financing.
