The latest statistics of the UAE Central Bank revealed an increase in the volume of credit financing granted by national banks to the trade and industry sectors in the country by about 37.2 billion dirhams during the first nine months of 2022.
According to the UAE Central Statistics, the cumulative balance of credit provided by national banks to the trade and industry sectors reached 720.8 billion dirhams at the end of last August, compared to about 683.6 billion dirhams in December 2021, an increase of 5.44%.
The cumulative balance of credit provided by national banks to the trade and industry sectors increased on an annual basis by 4.83%, compared to about 687.6 billion dirhams in September 2021, while it increased on a monthly basis by 0.56%, compared to 717.3 billion dirhams in the previous August, according to CBE statistics.
The volume of credit financing granted by national banks to the trade and industry sectors in the country is equivalent to 89.5% of the total cumulative balance of credit granted to the two sectors, amounting to 805.1 billion dirhams at the end of last September, while the share of foreign banks amounted to about 10.5%, with a value of 84.3 billion dirhams.
The cumulative balance of credit provided by national banks in the Emirate of Dubai to the trade and industry sectors amounted to about 354.8 billion dirhams at the end of last September, while it amounted to about 350.6 billion dirhams for national banks in the Emirate of Abu Dhabi, and 99.7 billion dirhams for national banks in other emirates.
According to the UAE Central Statistics, conventional banks acquired about 666.6 billion dirhams, or 82.8% of the credit funds granted to the trade and industry sectors at the end of last September, while the share of Islamic banks amounted to about 138.5 billion dirhams, or 17.2%.
