UAE’s Personal Loans Rose To Highest Level Since 2008 Financial Crisis
Published Tuesday, 26 June 2012 10:33 | Written by Amwal Al Ghad
However, overall loans and advances fell 0.2 per cent on a month-on-month comparison in April to Dh1.072 trillion, according to latest data from the UAE Central Bank. Lending grew 0.1 per cent in the first four months of the year, the central bank said in its monthly banking indicators released on Monday.
Recently, Department of Economy - Abu Dhabi reported a surge in consumer confidence by six points year-on-year in the quarter ending March 31. General provisions made by the banking sector also went up by 0.6 per cent to Dh17.4 billion. Provisions were up 6.7 per cent in the January-April period compared with Dh16.3 billion.
Related newsSpecific provisions by banks for non-performing loans climbed two per cent to Dh60.3 billion. In the January-April period, specific provisions showed a nine per cent increase. The net total assets of provisions remained practically unchanged at Dh1.742 trillion in April compared with Dh1.741 trillion in March. However, there was a surge of 4.8 per cent in the first four months of the year. Deposits at banks fell 0.6 per cent in the month to Dh1.138 trillion. However, there was a growth of 6.5 per cent in deposits in the first four months of the year.
Total private funds, which comprise capital and reserves excluding current year profits, showed a decline of 0.3 per cent at Dh278.1 billion in April. At the end of April, banks held certificates of deposits worth Dh87.7 billion, down from Dh88.2 billion in the previous month. Investments by banks grew 0.9 per cent month-on-month in April to Dh150.3 billion. In the first four months of the year, investments climbed 5.1 per cent from Dh146.3 billion, Khaleej Times reported.
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