Home Industry Finance UAE national banks provide $201bn in financing by April The banks increased their credit balance by Dhs2.1bn or 0.3 per cent in April 2023, up from Dhs735.2bn a month earlier by Gulf Business June 29, 2023 Image credit: WAM The Central Bank of the UAE (CBUAE) said national banks increased their credit financing to business and industrial sectors by 5.8 per cent or $11.1bn (Dhs40.6bn) over the past 12 months to Dhs737bn as of April 2023, according to state-run news agency WAM. The latest data from the CBUAE reflects that financing to the business and industrial sectors by national banks rose to Dhs737bn, compared to Dhs697bn in April 2022. The apex lender said national banks increased their credit balance for the two sectors by Dhs2.1bn or 0.3 per cent in April, up from Dhs735.2bn a month earlier. National banks gave 90 per cent of their accumulated credit balance of Dhs818.9bn to the UAE’s business and industrial sectors by the end of April, while foreign banks provided 10 per cent or Dhs81.6bn. CBUAE said Abu Dhabi-based banks provided Dhs365.6bn in credit to these sectors by the end of April, banks in Dubai provided Dhs351.3bn while those in other emirates availed Dhs102bn during the period under review. The central bank said the business and industrial sectors received credit financing mostly from traditional banks, which provided Dhs676bn or 82.5 per cent of the total, while Islamic banks contributed Dhs143.4bn or 17.5 per cent. UAE bank investment Earlier in June, the CBUAE said bank investments hit a record high of Dhs549bn by the end of March, the highest level in the country’s history. The central bank’s report revealed that bank investments soared by 16 per cent YoY compared to Dhs473bn in March 2022. Month over month, bank investments jumped 1.3 per cent from Dhs541.4 bn in February. Securities accounted for the majority of bank investments, around 45.6 per cent or Dhs250.1bn during the period under review. Held-to-maturity securities accounted for 43 per cent of the total investments to reach Dhs236.3bn in March, a YoY increase of 74.1 per cent compared to Dhs135.7bn in March 2022. Monthly, held-to-maturity securities surged by 2.6 per cent Dhs230.3bn in February 2023. The bank stock investments reached Dhs11.9bn in March, an 0.8 per cent increase from around Dhs11.8bn in December 2022. Read: Gross assets of UAE banks hit Dhs3.8tn in April Tags Abu Dhabi CBUAE Dubai finance Investments UAE 0 Comments You might also like UAE to host first regional centre of excellence to boost food security DIB issues $500m AT1 sukuk at 5.25% profit rate Etihad Rail secures global partnerships to boost infrastructure, operations DAMAC unveils wellness-centric community in Dubai