Credit facilities provided by the UAE national banks to the business and industrial sectors amounted to Dh25.7 billion during the first five months of 2024, according to the latest figures released by the Central Bank of the United Arab Emirates (CBUAE).

The apex bank’s figures showed that the two sectors saw a 3.5 percent rise in cumulative credit balance to Dh767.2 billion by the end of May from Dh741.8 billion by the end of December 2023.

The cumulative credit balance provided to these two sectors grew by Dh6.8 billion or 0.9 percent from Dh760.4 billion in April, a YoY growth of 2.9 percent, or Dh21.7 billion, from Dh745.5 billion in May 2023.

National banks provide the most credit to the two sectors, totalling Dh851.9 billion by the end of May 2024, or 90.1 percent of the combined credit balance of the two sectors.

Foreign banks have a much smaller share of 9.9 percent or Dh84.7 billion.

The credit balance for the sectors from banks in Abu Dhabi was around Dh384.8 billion in May 2024, while banks in Dubai provided Dh362.2 billion, and those in other emirates lent Dh104.9 billion to these sectors.

Conventional banks accounted for approximately Dh701.7 billion, or 82.4 percent, of the credit financing provided to the trade and industry sectors by the end of last May, while the share of Islamic banks reached approximately Dh150.2 billion, equivalent to 17.6 percent.

WAM