UAE conventional banks’ assets amount to AED2.148 trillion in late November

ABU DHABI, The total assets of conventional banks operating in the UAE amounted to AED2.148 trillion by the end of November, accounting for around 80 percent of the UAE banking system’s total assets, which reached AED2.687 trillion, with Islamic banks comprising the remaining 20 percent, with total assets of AED538.5 billion, according to the UAE Central Bank Indicators Report.

Conventional banks’ assets increased by AED44 billion by the end of November against October, in yet a new sign of these banks’ increased solvency, driven by government deposits as well as residents and non-residents’ deposits following the recent interest rate hike.

The Islamic banks’ assets rose as well by AED3.4 billion to AED538.5 billion during November from AED534.9 billion in October.

The total credit value of conventional banks by the end of November increased AED16 billion to AED1.239 trillion comparatively with October, while Sharia-compliant banks’ credit value dropped AED6.8 billion to AED355.8 billion during the same monitored period.

Conventional banks’ deposits, according to the report, increased AED32 billion on a monthly basis, hitting AED1.255 trillion in November, with Islamic banks’ deposits falling AED300 million to AED377.3 billion by end of November from AED377.6 billion in October.

Residents’ deposits at conventional banks increased AED25.8 billion on a monthly basis, standing at AED1.077 trillion in November, remaining at AED364.9 billion at Islamic banks during the same monitored period.

Source: Emirates News Agency