UAE banks' assets hit $842.6bln in February

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ABU DHABI - The Central Bank of the UAE has revealed the country's banking indicator figures for February 2020, noting gross banks' assets totalled AED3.095 trillion.

The February gross banks' assets total represents a year-on-year increase of 6.4 percent, compared to February 2019 figures which reached some AED2.909 trillion.

This figure is the highest recorded by the UAE banking sector, which leads other countries in the Gulf Cooperation Council, GCC, and the Middle East.

Statistics issued by the Central Bank of the UAE highlighted an increase in the value of deposits in Emirati banks, which reached AED1.828 trillion in February, a 3.4 percent growth compared to AED1.768 trillion in February 2019.

Gross Credit figures also increased to AED1.745 trillion in February 2020, an increase of 4.4 percent compared to AED1.672 trillion in February 2019.

Domestic credit rose from AED1.524 trillion in February 2019 to AED1.571 trillion in February 2020, and the value of government credit amounted to AED231.5 billion while the private sector recorded an amount of AED1.14 trillion. Public sector credit reached AED185 billion, Central Bank figures noted.

Total investments by banks in the UAE reached AED409.6 billion in February 2020, a 14.3 percent increase compared to AED358.4 billion during the same month last year.