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UAE non-resident deposits surge

Outvalue loans by Dh61 billion in first seven months of the year

Gulf News

Abu Dhabi: Non-resident deposits outvalued their loans by Dh61 billion in the first seven months of the year, driven by increasing deposits by non-resident clients into local banks, according to figures by the UAE Central Bank.

The growth in non-resident deposits with local banks reflected the high confidence in the banking system whose indicators yielded significant positive results since the beginning of 2018.

Figures showed that the accumulated balance of non-resident deposits by the end of July rose to Dh196.1 billion, the highest level in two years.

Non-resident deposits constitute 11.5 per cent of gross deposits of Dh1.7 trillion with banks.

On the credit side, total lending to non-residents stood at Dh124.7 billion by the end of July as compared with Dh132.9 billion for the corresponding period in 2017.

Loans extended by banks to non-residents accounted for 8.3 per cent of the total balance of credit which was valued at nearly Dh1.6 trillion.

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