Monday will mark one year of the Gaza war, with thousands killed
The difference between loans made by the banks and the deposits they held increased to Dh50.4 billion in May from Dh49.6 billion in April, creating a gap of Dh800 million.
Deposits fell by Dh1.5 billion, and lending also reduced by Dh700 million. Total deposits held by all UAE banks stood at Dh970.8 billion in May compared with Dh972.3 billion at the end of April. Total loans outstanding decreased by 0.2 per cent to Dh1,021.2 billion.
Total loans outstanding at the banks in the country rose by Dh3.5 billion to Dh1,021 billion during the first five months of the year while deposits held by the UAE banks fell by Dh11.8 billion during the same period.
The data shows the central bank assets in May increased by Dh11.2 billion to Dh1,534.2 billion, compared to Dh1,523 billion in April while total assets during the first five months of the year increased by Dh15.1 billion.
The central bank’s in its annual for 2009, released this week, said it’s total assets increased from Dh193.7 billion at the end of 2008 to Dh203.9 billion at the end of 2009.
On the liabilities side, commercial banks current accounts and deposits at the Central Bank decreased from Dh84.8 billion at the end of 2008 to Dh70.3 billion at the end of 2009.
General provisions fell to Dh13.6 billion in May, almost double from Dh7.3 billion a year ago. May’s general provisions dropped by 1.5 per cent from Dh13.4 billion in April. During the year general provisions increased by Dh2.9 billion.
Personal loans issued by the banks fell to Dh213.3 billion by the end of last month, compared to Dh218.9 billion in the previous month. Personal loans increased by Dh3.5 billion during the year. Letters of credit also increase by Dh1.8 to Dh108.7 billion by the end of last month.
Separately, money supply in the UAE rose by an annual 3.6 per cent in May, compared with 9.7 per cent in April, according to the central bank data. M3, the broadest measure of money circulating in the economy and an indicator of future inflation, declined to Dh935.8 billion at the end of May, from Dh941.2 billion at the end of April. —abdulbasit@khaleejtimes.com
Monday will mark one year of the Gaza war, with thousands killed
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