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FINANCIAL NEWS
UAE’s bank credit in Oct dips by USD544m
12 Dec 2011
(MENAFN) UAE’s central bank said that in spite of a notable recovery in the UAE’s economy, in October, bank credit fell by nearly USD544 million, from September’s USD292.5 billion to around USD292 billion, reported Emirates 24/7.
The bank added that in the month, allocations for bad debt provisions increased by USD408 million, from USD326 million recorded in the previous month, on the other hand, personal loans went up to around USD68.7 billion at the end of the month, from USD67.9 billion at the end of September.
It also said that credit provided by the UAE’s 51 banks rose by around 3.4 percent in October, from around 1.4 percent in 2010’s same period, and compared with more than 30 percent during 2007-2008.
It is worth noting that provisions at the end of October surged to reach one of their highest records at around USD14 billion, with a rise of around USD1.98 billion in the first 10 months of the year.
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