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UAE conventional banks' assets hit D2.148 trillion

Fri, 29 Dec 2017

The total assets of conventional banks operating in the UAE amounted to Dh2.148 trillion ($584.73 billion) by the end of November, accounting for around 80 percent of the UAE banking system's total assets, which reached Dh2.687 trillion.
Islamic banks accounted for the remaining 20 percent, with total assets of Dh538.5 billion, a Wam news agency report said quoting the UAE Central Bank Indicators Report.
Conventional banks' assets increased by Dh44 billion by the end of November against October, in a new sign of these banks' increased solvency, driven by government deposits as well as deposits from residents and non-residents following the recent interest rate hike, the report said.
The Islamic banks' assets rose Dh3.4 billion to Dh538.5 billion during November from Dh534.9 billion in October.
The total credit value of conventional banks by the end of November increased Dh16 billion to Dh1.239 trillion compared with October, while Sharia-compliant banks' credit value dropped Dh6.8 billion to Dh355.8 billion during the same period.
Conventional banks' deposits, according to the report, increased Dh32 billion on a monthly basis, hitting Dh1.255 trillion in November, with Islamic banks' deposits falling Dh300 million to Dh377.3 billion by end of November from Dh377.6 billion in October, it said.
Residents' deposits at conventional banks increased Dh25.8 billion on a monthly basis, standing at Dh1.077 trillion in November. It remained at Dh364.9 billion at Islamic banks during the same period, the report added.