FINANCIAL NEWS

UAE banks’ assets surge to USD661.6b in August

27 Sep 2015

(MENAFN) UAE banks increased their balance sheets by seven percent year-on-year to USD661.6 billion in August, latest data from the Central Bank of the UAE revealed.

Allocations for general provisions, meanwhile, were hiked by by 16.9 percent in the month to USD6.94 billion from a previously registered USD5.85 billion.

Specific provisions for non-performing loans, however, dropped 16.9 percent to USD19.7 billion. On a month-on-month comparison, balance sheets were up one per cent.

The banking regulator said total credit uptake rose 8.6 percent to USD398.53 billion in August and domestic credit was up 6.8 percent to USD367.23 billion.

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