Conventional banks’ assets hit AED2.275 trillion

ABU DHABI, The assets of UAE conventional banks (CB) amounted to around AED2.275 trillion, accounting for 79.7 percent of total banking assets by the end of November 2018, with Sharia-compliant banks accounting for 20.3 percent of total banking assets, according to statistics released today by the Central Bank of UAE.

The total assets of CB increased by AED132 bn during the first 11 months of the year, a growth of 6.1 percent as compared to December 2017, while Islamic banks’ assets stood at AED579.2 bn, by the end of November, 5.3 percent up from the end of 2017, bringing total conventional and Islamic banking assets to AED2.855 trillion by the end of November 2018.

Total loans provided by CBs surged to around AED1.279 trillion, by the end of November, making up 77.4 percent of total loans provided by UAE banks. Up to AED374 bn was provided in loans by Islamic banks, i.e. 22.6 percent.

CBs’ deposits valued at around AED1.336 trillion, representing around 77 percent of total deposits at UAE-based banks by the end of November.

Deposits at Islamic banks reached around AED402.5 billion, around 23 percent of total banking assets.

According to CBUAE reports, there are 60 banks operating in the UAE, eight of which are Sharia-compliant and 52 commercial.

Source: Emirates News Agency