Commercial banks’ assets up by AED173 bn in nine months

ABU DHABI, The total assets of UAE-based commercial banks increased to circa AED2.457 trillion by the end September, AED173 billion of which were recorded over the past nine months only, accounting for 81.3 percent of the UAE banks’ total assets, statistics by the Central Bank of the UAE showed today. Up to 19.7 percent of these assets are owned by Shariah-compliant banks.

The asset growth is driven by a significant rise in deposits from AED1.354 trillion in December 2018 to AED1.406.4 trillion in September 2019.

Retail loans provided by commercial banks amounted to around AED 1.2 trillion, making up 78.6 percent of total banks’ credit, AED367.3 bn of which, equivalent to 22.4 percent, were provided by Islamic banks.

In the meantime, the Islamic banks’ assets are down to AED565.7 bn by the end of September from AED582.6 bn by the end of December 2018.

Accordingly, the total assets of Islamic and commercial banks combined picked up to around AED3.022 trillion by the end of September.

As per the banking regulator’s latest figures, there are 59 banks operating in the UAE, 51 or which are commercial and eight Shariah-compliant.

Source: Emirates News Agency (WAM)