National banks pump 2.6 billion dirhams in financing to the commercial and industrial sector within a month
Abu Dhabi, 3 May / WAM / National banks pumped 2.6 billion dirhams in financing to the trade and industry sectors in the country during the month of February, according to the latest statistics of the UAE Central Bank.
Central Bank statistics showed that the cumulative balance of credit provided by national banks to the trade and industry sectors 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 in the previous January, an increase equivalent to 2.6 billion dirhams.
According to statistics, the cumulative balance of credit provided by national banks to the trade and industry sectors increased on an annual basis 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.
According to the Central Bank, 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, while it amounted to about 355.4 billion dirhams to banks in the Emirate of Dubai, and 103.8 billion dirhams to banks in the other emirates.
Conventional 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, while the share of Islamic banks reached about 147.7 billion dirhams, equivalent to 17.8%.
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