UAE – Mubasher: Total assets of UAE banks jumped by 6.4% or AED 186 billion to AED 3.095 trillion last month, from AED 2.909 trillion during February 2019, Emirates News Agency (WAM) reported.

With this increase, the UAE banking sector recorded its highest level of assets, maintaining its top position in the GCC and Middle East region.

The rise in total assets was mainly driven by a 3.4% growth in total deposits of the banks operating in the UAE to AED 1.828 trillion in February, when compared to AED 1.768 trillion in the same month of 2019, according to statistics by the Central Bank of the UAE (CBUAE).

Meanwhile, the gross credit rose by 4.4% to AED 1.745 trillion last month, versus AED 1.672 trillion in February 2019.

The UAE banks’ investments recorded AED 409.6 billion in February 2020, up by 14.3% from AED 358.4 billion in the same month of 2019.