ABU DHABI- Total assets of the UAE’s six national banks totalled AED1.68 trillion in the first half of 2019, an increase of AED170 billion, or 11.2 percent, compared to AED1.51 trillion in the same period of 2018.
The sector’s activity is highlighted by the profitability of the banks, which rose to around AED18 billion in the first half of 2019 while deposits rose to AED1.08 trillion from January to June, compared to AED1 trillion in the same period of 2018.
Loans also witnessed growth, rising from AED886 billion in the first half of 2018 to AED946 billion at the end of June 2019. The UAE’s banking sector, comprising 17 banks, is one of the country’s leading sectors and reflects the vibrancy of the national economy, which is expected to achieve significant growth in 2019.
© Copyright Emirates News Agency (WAM) 2019.