The volume of credit financing granted by national banks to the trade and industry sectors in the country increased by about 28.4 billion dirhams during the first five months of this year, according to the latest statistics of the UAE Central Bank.
The cumulative balance of credit provided by national banks to the trade and industry sectors reached 745.5 billion dirhams at the end of last May, compared to about 717.1 billion dirhams at the end of last December, an increase of 4% in 5 months.
The cumulative balance of credit provided by national banks to the trade and industry sectors increased on a monthly basis by 1.11%, or the equivalent of 8.2 billion dirhams, compared to 737.3 billion last April, while it increased on an annual basis by 3.3%, or the equivalent of 23.9 billion dirhams, compared to about 721.6 billion dirhams in May 2022.
The facilities for the commercial and industrial sectors include lending to residents of discounted commercial papers, insurance companies, and small and medium-sized companies.
The volume of credit financing granted by national banks to the trade and industry sectors in the country is equivalent to 90.3% of the cumulative balance of credit granted to the two sectors, amounting to 825.6 billion dirhams at the end of May, while the share of foreign banks amounted to about 9.7%, with a value of 80.1 billion dirhams.
The cumulative balance of credit provided by banks in the Emirate of Abu Dhabi for the trade and industry sectors reached about 370.1 billion dirhams at the end of May, while it amounted to 353.7 billion dirhams for banks in Dubai.
