63.2 billion dirhams in national bank financing to the private sector in the first half

The total financing of national banks to the private sector amounted to about 63.2 billion dirhams during the first half of this year, bringing their total cumulative balance to 1.195 trillion dirhams at the end of last June, compared to 1.132 trillion dirhams, at the end of December 2023, a growth of 5.6%, according to statistics from the Central Bank of the Emirates.

National banks’ financing to the private sector increased on a monthly basis by 1.16%, or the equivalent of 13.7 billion dirhams, while it increased on an annual basis by about 7.3%, or the equivalent of 81.2 billion dirhams.

According to Central Bank statistics, national banks account for about 91.5% of the total credit portfolio of banks operating in the country for the private sector, amounting to about 1.3 trillion dirhams at the end of last June, while the share of foreign banks reaches about 8.5%.

Foreign bank financing to the private sector grew to 111 billion dirhams at the end of last June, an annual increase of 3.26%, or the equivalent of 3.5 billion dirhams, compared to about 107.5 billion dirhams in June 2023.

Foreign bank financing to the private sector increased by 2.8%, or the equivalent of three billion dirhams, during the first half of this year.