FINANCIAL NEWS

UAE bank lending posts 3.8% rise in 2011

07 Mar 2012

(MENAFN) UAE’s central bank said that in 2011, bank lending in the country rose by nearly 3.8 percent, compared with just 1.3 percent a year earlier, reported Emirates 24/7.

The bank added that the UAE’s 23 national banks and 28 foreign units took advantage of higher public demand and a business improvement to ease limits on lending.

It also said that balance sheets for the year indicated that national banks are recovering, as they recorded one of their best financial years, with net profits rising by 50 percent to USD5.77 billion.

It is worth noting that at the end of 2011, deposits with the country’s banks rose by around 1.9 percent to USD290.9 billion from USD285.53 billion at the end of 2010.

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