UAE bank assets fall 1% in February

Total assets recorded AED 2.909 trillion in February

  
Image used for illustrative purpose. Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013.

Image used for illustrative purpose. Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013.

REUTERS/Ben Job

Abu Dhabi – Mubasher: The Central Bank of the United Arab Emirates reported a 1% decline in the Emirati banking sector’s total assets by the end of February.

Total assets recorded AED 2.909 trillion in February, down from AED 2.913 trillion in January, according to the monthly report of the UAE’s Central Bank.

In February, total bank lending increased by 6% to AED 1.671 trillion, against AED 1.662 trillion in January.

Total deposits rose by AED 13.6 billion, boosted by the growth of resident deposits by AED 15.2 billion and the drop in non-resident deposits by AED 1.6 billion, the central bank’s data showed.

The money supply (M1) levelled up 3.1% month-on-month to AED 501.1 billion by the end of February.

Meanwhile, M2 jumped to AED 1.321 trillion in February from AED 1.305 trillion in January, according to the bank’s report.

Similarly, M3 advanced 1% to AED 1.619 trillion in February from AED 1.603 trillion the month before.

Source: Mubasher

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