Gross bank assets rose to Dhs3.58tn by end of Oct 2022, reveals Central Bank of UAE

The Central Bank of the UAE (CBUAE) has said that gross banks’ assets, including bankers’ acceptances, rose by 0.9 per cent, from Dhs3.583tn at the end of September to Dhs3.615tn at the end of October 2022.

In its latest report highlighting monetary and banking developments, the bank said that gross credit grew by 0.2 per cent, rising from Dhs1.873tn at the end of September to Dhs1.878tn at the end of October 2022, reported state news agency, WAM

Gross credit rose due to an increase in domestic credit by 0.1 per cent and foreign credit by 1.5 per cent.

The central bank attributed the increase in domestic credit to the increase in credit granted to the public sector (government-related entities) and the private sector by 0.7 per cent and 0.1 per cent, respectively.

Total bank deposits increased by 0.8 per cent, climbing from Dhs2.187tn at the end of September to Dhs2.205tn at the end of October last year.

The growth in total bank deposits was due to the rise in resident deposits by 0.4 per cent and non-resident deposits by 4.2 per cent, reported WAM.