According to data released by the Central Bank of the UAE (CBUAE), the gross assets of all banks, including bankers’ acceptances, increased by 0.5% from Dhs4,287.0 billion at the end of May 2024 to Dhs4,310.2 billion at the end of June 2024.
In its Monetary and Banking Developments for June 2024 report, the Central Bank stated that gross credit increased by 1.1% from Dhs2,077.7 billion at the end of May 2024 to Dhs2,100.9 billion at the end of June 2024. Gross credit increased due to 2.9% growth in foreign credit and 0.8% increase in domestic credit.
The bank claimed that the increase in domestic credit was caused by increases in credit to the private and public sectors (government-related entities) of 1.4% and 1.0%, respectively, offsetting decreases in credit to non-banking financial institutions and the government sector of 1.1% and 0.6%, respectively.
By the end of June 2024, bank deposits had increased by 0.5 percent, from Dhs2,678.2 billion at the end of May 2024 to Dhs2,692.5 billion. The increase in non-resident deposits, which accounted for 8.4% of the total bank deposit growth, outweighed the 0.1% decline in resident deposits.
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