National banks in the UAE have increased their credit financing to the business and industrial sectors by AED 40.6B or 5.8 percent as of April 2023.
According to the latest statistics released by the Central Bank of the UAE, credit financing provided by national banks to the business and industrial sectors reached AED 737.3B, compared to AED 696.7B in April 2022.
The statistics also reveal that national banks raised their credit balance for these sectors by AED 2.1B or 0.3 percent in April, surpassing AED 735.2B in March.
By the end of April, national banks allocated 90 percent of their accumulated credit balance, amounting to AED 818.9B, to the country’s business and industrial sectors, while foreign banks provided the remaining 10 percent or AED 81.6B.
Abu Dhabi banks extended AED 365.6B in credit, Dubai banks provided AED 351.3B, and other emirates’ banks offered AED 102B to these sectors by the end of April.
Traditional banks accounted for AED 675.5B or 82.5 percent of the total credit financing received by the business and industrial sectors by April, while Islamic banks contributed AED 143.4B or 17.5 percent.
