Cumulative credit balance has extended for business sector

The cumulative balance of credit extended by nationalized banks to the business and industrial sector increased by 2.14 percent year on year.

 According to data from the Central Bank of the United Arab Emirates (CBUAE), the apex bank, the cumulative balance of credit provided by national banks to the sector increased by 2.14 percent or 14.6 billion dirhams year on year.

 The value of credit facilities provided by national banks to the sector accounted for 89.1 percent of the gross accumulated credit balance, which reached Dh782.5 billion at the end of last April, while the share of foreign banks was 10.9 percent or Dh85.8 billion.

 Credit facilities provided by national banks to the business and industrial sector increased by 1.92 percent (AED 13.1 billion) in the first four months of 2022 to AED 696.7 billion from AED683.6 billion in the same period in 2021.