UAE banks record 3% YoY higher assets in February

UAE banks' credit increased by 1.8%

  
Image used for illustrative purpose. A customer makes a transaction at a bank in Dubai.

Image used for illustrative purpose. A customer makes a transaction at a bank in Dubai.

REUTERS/Mohammed Salem

UAE - Mubasher: The total assets of the UAE banks rose by 2.7% to AED 3.179 trillion in February 2021 from AED 3.095 trillion in the same month of 2020.

The UAE banks' deposits hit AED 1.878 trillion in February 2021, up 2.8% from AED 1.828 trillion in the corresponding period of 2020, according to the latest data by the Central Bank of the UAE (CBUAE).

Meanwhile, the UAE banks' credit increased by 1.8% to AED 1.777 trillion in February from AED 1.745 trillion in the same month of 2020.

The money supply 'M1' and 'M2' of the UAE banks reached AED 624.9 billion and AED 1.496 trillion, respectively.

Source: Mubasher

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