Credit facilities provided by the UAE national banks to the business and industrial sectors amounted to Dh15.6 billion in the first quarter of 2024, according to the latest figures released by the Central Bank of the United Arab Emirates (CBUAE).
The cumulative credit balance provided to these two sectors grew by Dh9.3 billion or 1.24% from Dh748.1 billion month-on-month, showcasing a year-on-year growth of 3.02%, or Dh22.2 billion, from Dh735.2 billion in March 2023.
The two sectors saw a 2.1% rise in cumulative credit balance to Dh757.4 billion in the first three months of 2024, compared to Dh741.8 billion by the end of the previous quarter.
National banks provide the most credit to the two sectors, data showed, totalling Dh841.7 billion by the end of Q1-24, or 90% of the combined credit balance of the two sectors. Foreign banks have a much smaller share of 10% or Dh84.3 billion.
The credit balance for the sectors from banks in Abu Dhabi was around Dh374.1 billion in Q1-24, while banks in Dubai provided Dh363.3 billion. Banks in other emirates lent Dh104.3 billion to these sectors.
