Gross assets of UAE banks reach 3.233T Dh – News

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A year ago, total bank assets in the UAE grew 7.6% year-on-year at end-September 2020, and 2% quarter-on-quarter to reach 3,253 billion dirhams.

Gross assets of UAE banks, including bankers’ acceptances, increased 0.8%, from 3,209 trillion dirhams at the end of June 2021 to 3,233 trillion of dirhams at the end of July 2021, the Bank announced. UAE power plant. Wednesday.

A year ago, total bank assets in the United Arab Emirates grew 7.6% year-on-year at the end of September 2020, and 2% quarter-on-quarter to reach 3,253 billion dirhams.

Total bank deposits increased 0.3 percent, from MAD 1,909 trillion at the end of June 2021 to MAD 1,915 trillion at the end of July 2021, due to a 0.1 percent increase in deposits residents and 2.3 percent of non-bank deposits. residents’ deposits respectively, a CBUAE said in a statement.

Resident deposits grew 3.5%, higher public sector deposits, eclipsing declines in GRE, private sector and non-bank financial institutions deposits of 2.0%, 0.2% and 4.4 % respectively.

The M1 money supply aggregate fell by 0.8%, from Dh659.5 billion at the end of June 2021 to Dh653.9 billion at the end of July 2021.

The M2 money supply aggregate also fell by 0.7%, from MAD 1,489 billion at the end of June 2021 to MAD 1,478 billion at the end of July 2021.

The M3 money supply aggregate increased by 0.1%, from 1,773 billion dirhams at the end of June 2021 to 1,775 billion dirhams at the end of July 2021.

In the second quarter of 2021, UAE banks continued to account for the largest share of the regional bank balance sheet with total assets of $ 840 billion, representing one-third of total GCC banking sector assets, followed by Saudi banks. at 771 dollars. billion dollars or 26.7% of the whole, analysts at Kamco Invest said in their GCC banking report.

Gross credit extended by banks to the UAE saw marginal growth of 0.9% in the second quarter of 2021 after registering declines of 1.4% in the previous two quarters. Total gross credit stood at Dh 1.77 trillion at the end of Q2-2021, based on preliminary figures, slightly higher than the pre-pandemic gross credit of Dh 1.76 trillion at the end of 2019.

UAE-based banks recorded the largest increase in profits in the second quarter, registering an 11.8% growth after nine of the 16 UAE-listed banks reported an increase in their net profits.

First Abu Dhabi Bank recorded the strongest absolute profit growth, reaching $ 783.7 million in Q2-2021, compared to $ 674 million in Q1-2021. The ADCB and Dubai Islamic Bank followed in terms of absolute profit growth, posting increases of 25.1% and 19.3% quarter-on-quarter, respectively. On the other hand, Bank of Sharjah continued to report a loss during the quarter which reached $ 93.9 million in Q2-2021.

– issacjohn@khaleejtimes.com

Issac Jean

Editorial Director of Khaleej Times, is a well-connected Indian journalist and economic and financial commentator. He has worked in mainstream journalism in the United Arab Emirates for 35 years, including 23 years with the Khaleej Times. A graduate in English and a graduate in economics, he has won more than twenty awards. Acclaimed for his genuine and insightful analysis of global and regional business and economic trends, he is respected for his astute understanding of the local business scene.


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