Abu Dhabi: Gross banks’ assets, including bankers’ acceptances, rose by 2.2 per cent, from Dh3,668.2 billion at the end of January 2023 to Dh3,747.8 billion at the end of February 2023, according to the Central Bank of the UAE’s Monetary & Banking Developments for February 2023.
Gross credit increased by 1.2 per cent from Dh1,874.3 billion at the end of January to Dh1,896.9 billion at the end of February. Gross credit grew due to 1.6 per cent increase in domestic credit, overriding a 2.1 per cent decline in foreign credit.
Domestic credit expanded because of 2.8 per cent and 3.2 per cent increase in credit to the private sector and the non-banking financial institutions, respectively, whereas, credit to the government sector and the public sector (government related entities) decreased by 0.2 per cent and 2.1 per cent, respectively.
Total bank deposits increased by 0.4 per cent, rising from Dh2,233.2 billion at the end of January to Dh2,242.3 billion at the end of February. The growth in total bank deposits was due to increases in resident deposits by 0.2 per cent and non-resident deposits by 2 per cent. Resident deposits improved owing to increases by 2.1 per cent in both private sector and public sector (government related entities) deposits. However, government sector deposits and non-banking financial institutions’ deposits fell by 5.9 per cent and 8.7 per cent, individually.