2023-09-21 22:05:27
The volume of credit financing granted by national banks to the trade and industry sectors in the country increased to regarding 29.7 billion dirhams during the first seven months of this year, according to the latest Central Bank statistics.
Statistics showed that the cumulative balance of credit provided by national banks to the trade and industry sectors reached 746.8 billion dirhams at the end of last July, compared to regarding 717.1 billion dirhams at the end of December 2022, an increase of 4.14% within seven months.
According to statistics, the cumulative balance of credit provided by national banks to the trade and industry sectors increased on a monthly basis by 0.2%, or the equivalent of 1.2 billion dirhams, compared to regarding 745.6 billion dirhams at the end of last June, while it increased on an annual basis by regarding 3.43%, or the equivalent of 24.8 billion dirhams, compared to regarding 722 billion dirhams in July 2022.
According to the Central Bank, facilities for the commercial and industrial sectors include lending to residents from discounted commercial papers, insurance companies, and small and medium-sized companies.
The volume of credit financing granted by national banks to the trade and industry sectors in the country is equivalent to 90.4% of the total cumulative balance of credit granted to the two sectors, which amounted to 826 billion dirhams at the end of last July, while the share of foreign banks amounted to regarding 9.6%, amounting to 79.2 billion dirhams.
The cumulative balance of credit provided by banks in the Emirate of Abu Dhabi to the trade and industry sectors reached regarding 366.4 billion dirhams at the end of last July, while it amounted to regarding 357.7 billion dirhams to banks in the Emirate of Dubai, and 101.9 billion dirhams to banks in the other emirates.
Conventional banks accounted for regarding 678 billion dirhams, or the equivalent of 82.1%, of the credit financing granted to the trade and industry sectors at the end of last July, while the share of Islamic banks reached regarding 148 billion dirhams, equivalent to 19.7%.
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