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UAE bank loans rise to AED 1.7bn in February

UAE bank loans rise to AED 1.7bn in February
CBUAE data showed a 4% increase in credit facilities last month

UAE – Mubasher: Data by the Central Bank of the UAE (CBUAE) showed a 4% increase in the credit facilities granted by local banks to AED 1.745 billion in February 2020 from AED 1.671 billion during the same month of 2019.

Loans provided to the government surged by 18% year-on-year (YoY) to AED 231.5 billion last month, from AED 196.8 billion in February 2019, according to a report by the CBUAE.

As for the private sector, the credit facilities inched up by 0.7% to AED 1.140 billion in February 2020, when compared to AED 1.132 billion during the corresponding period of 2019.

It is noteworthy to highlight that in January 2020, loans provided by the banks operating in the UAE to residents grew by 3.5% YoY to a record AED 171.1 billion, up from AED 165.3 billion in the same month of 2019.