49.5 billion dirhams in national banks’ financing for the private sector in 5 months

The total financing of national banks to the private sector amounted to about 49.5 billion dirhams during the first five months of this year, bringing its total cumulative balance to 1.182 trillion dirhams at the end of last May, compared to 1.132 trillion dirhams at the end of December 2023, with a growth of 4.5%, according to statistics from the Central Bank of the UAE.

National banks’ financing to the private sector increased on a monthly basis by 1.22%, or AED 14.3 billion, while it increased on an annual basis by about 5.3%, or AED 59.7 billion.

According to the Central Bank’s statistics, national banks account for about 91.4% of the total credit portfolio of banks operating in the country for the private sector, amounting to about 1.29 trillion dirhams by the end of last May, while the share of foreign banks amounts to about 8.6%.

Foreign banks’ financing to the private sector grew to AED 111.5 billion at the end of last May, an increase of 0.18% or AED 200 million on a monthly basis, while it increased on an annual basis by about 4.3% or AED 4.6 billion.

Foreign banks’ financing to the private sector increased by 3.24%, or AED 3.5 billion, during the first five months of this year.