National banks’ financing of trade, industry sectors total Dhs37.2bn in nine months

Credit financing provided by national banks to the trade and industry sectors totalled Dhs37.2bn in the first nine months of 2022, according to recent data issued by the Central Bank of the UAE (CBUAE).

The statistics showed that the cumulative balance of credit provided by national banks to the trade and industry sectors reached Dhs720.8bn at the end of August, compared to some Dhs683.6bn in December 2021, a rise of 5.44 per cent.

According to the central bank’s data, the cumulative balance of credit provided by national banks to the two sectors increased annually by 4.83 per cent, compared to some Dhs687.6bn in September 2021 while it increased on a monthly basis by 0.56 percent, compared to Dhs717.3bn in August 2021.

The credit financing granted by national banks to the trade and industry sectors is equivalent to 89.5 per cent of the total cumulative balance of credit granted to the two sectors, amounting to Dhs805.1bn at the end of September while the share of foreign banks amounted to some 10.5 per cent, valued at Dhs84.3bn.

According to the central bank’s statistics, the cumulative balance of credit provided by national banks in Dubai to trade, and industry sectors amounted to some Dhs354.8bn at the end of September while this figure was Dhs350.6bn in Abu Dhabi, and Dhs99.7bn for other emirates.

Conventional banks accounted for some Dhs666.6bn or 82.8 percent of the credit financing granted to the two sectors at the end of September, while the share of Islamic banks was around Dhs138.5bn or 17.2 per cent.