The assets of the banking sector exceeded 4.4 trillion dirhams by the end of September

Total banking assets in the UAE, including bank acceptance certificates, increased by 0.5% to exceed 4.4 trillion dirhams at the end of September, compared to about 4.37 trillion dirhams at the end of August.
According to the monetary and banking developments report for last September issued by the Central Bank, today, total credit rose 2.3% to 2.16 trillion dirhams at the end of September, from 2.11 trillion dirhams at the end of August.
The increase in total credit is due to the increase in domestic credit by 1.6% and foreign credit by 6.9%. The expansion in domestic credit is due to the increase in credit to the government sector by 0.4%, the increase in credit to the public sector, i.e. government-related entities, by 2.7%, the increase in credit to the private sector by 1.5%, and to non-banking financial institutions by 1.8%. Total bank deposits increased by 0.8% to 2.76 trillion dirhams at the end of September from 2.74 trillion dirhams at the end of August. The increase in total bank deposits is due to the increase in resident deposits by 0.8%, and the increase in non-resident deposits by 0.5%.
Resident deposits grew as a result of increases in deposits of government-related entities by 4.9%, private sector deposits by 0.8%, and deposits of non-bank financial institutions by 20.5%, exceeding the decrease in government sector deposits by 3.9%. The monetary base expanded by 1.2% to 743.5 billion dirhams at the end of September, from 734.9 billion dirhams at the end of August.
The rise in the monetary base was driven by increases in currencies issued by 1% and in current accounts of banks and other financial institutions and overnight deposits with the Central Bank by 39.2%, exceeding the decrease in the reserve account by 14.1%, while cash bills and Islamic certificates of deposit remained constant at 240.9 billion. Emirati dirham.
In addition, according to data issued today, the Central Bank’s foreign assets increased by about 0.8% during September to reach 818.48 billion dirhams at the end of the month, compared to 812 billion dirhams at the end of the previous August. The Central Bank’s foreign assets were distributed at 582.68 billion dirhams in bank balances and deposits with banks abroad, 185.14 billion dirhams in foreign securities, and 50.66 billion dirhams in other foreign assets.
The Central Bank’s balance sheet amounted to 854.49 billion dirhams at the end of last September, compared to about 847.95 billion dirhams at the end of the previous August. The balance sheet – liabilities and capital category, as at the end of September, was distributed at 410.13 billion dirhams for current accounts and deposit accounts, 240.93 billion dirhams for cash bills and Islamic certificates of deposit, 146.91 billion dirhams for banknotes and coins issued, and 22.19 for other liabilities, Capital and reserves amounted to 34.33 billion dirhams. As for the Central Bank’s balance sheet – asset class, it was distributed by 470.15 billion dirhams in cash and bank balances, 140.2 billion dirhams in deposits, 211.84 billion dirhams in investments, 1.71 billion dirhams in loans and advances, and 30.59 billion dirhams in other assets. .