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UAE banking system's assets hit AED 3.182trn in May

UAE banking system's assets hit AED 3.182trn in May
The total bank deposits inched down by 0.1%

UAE - Mubasher: The total value of the UAE banking system's assets went up by 0.4% to AED 3.182 trillion in May 2021, compared to AED 3.169 trillion in April, the Emirates News Agency (WAM) reported.

The UAE banks' gross credit declined by 0.7% to AED 1.751 trillion at the end of May 2021 from AED 1.763 trillion at the end of April 2021, as shown by data released by the Central Bank of the UAE (CBUAE).

Lower Credit is driven by a 0.8% decline in domestic credit, despite a 0.5% rise in foreign credit.

Meanwhile, the total bank deposits inched down by 0.1% to AED 1.874 trillion in May 2021 from AED 1.877 trillion in April 2021, attributable to a 0.4% reduction in resident deposits.