UAE- Bank loans show signs of improvement| MENAFN.COM

Wednesday, 10 August 2022 08:11 GMT

UAE- Bank loans show signs of improvement


(MENAFN- Khaleej Times)  Loans, advances and deposits at banks showed improvement in the first four months of the year, as the economy continued to show strong signs of growth. According to the UAE Central Bank, credit and advances grew 2.1 per cent year-on-year and bank deposits increased 6.3 per cent year-on-year as a result of an increase in resident deposits by 7.9 per cent year-on-year, in the January-April period. Total bank deposits increased marginally by 0.3 per cent in April, to close at Dh1.2418 trillion, as a result of an increase in resident deposits by 1.3 per cent. While total bank loans and advances decreased by 0.3 per cent to reach Dh1.122 trillion. The total bank assets decreased by 0.6 per cent year-on-year to reach Dh1.866 trillion, at the end of April 2013. Central Bank money supply M0, which comprises currency in circulation and currency at banks decreased by one per cent to Dh58.8 billion in April from Dh59.4 billion in March 2013. Money supply aggregate M1, which comprises currency in circulation plus monetary deposits (current accounts and call accounts at banks), grew 2.6 per cent to Dh336 billion in April up against Dh327.4 billion at the end of March 2013. Money supply aggregate M2 which comprises of M1 and quasi-monetary deposits resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies, decreased by 0.7 per cent, to Dh909 billion in April from Dh915.3 billion at the end of March 2013. Money supply aggregate M3 which comprises M2 plus government deposits at bank operating in the UAE as well as at the central bank, increased by 1.6 per cent to Dh1.173 trillion over Dh1.154.7 trillion at the end of March 2013.


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