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Non-Resident Deposits Outstrip Loans By AED63 bn |
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Non-resident deposits across the UAE's banking system reported solid growth during the first nine months of the year, with their growth outstripping retail loans provided to non-residents by AED63 bn by the end of Q3. The expansion in banks' holdings of deposits corroborates investor confidence in the UAE banking sector, reckoned the first in the region in terms of capital adequacy and solvency, according to various international credit agencies. During the first seven months of the year, non-residents' deposits outstripped their loans by AED61 bn, supported by rising interest rates on different certificate of deposits' terms. According to figures released by the Central Bank of the UAE (CBUAE), the cumulative non-resident deposits account was up to a two-year high of AED205.4 billion by the end of September. According to the statistics, non-residents deposits comprise 11.8 percent of total deposits at the UAE banks, figured at around AED1.73 trillion. In terms of credit, loans provided to non-residents amounted to AED141.9 bn by the end of September against around AED133 bn in the same month 2017. They accounted 8.6 percent of the total credit provided by the UAE banks, estimated at AED1.623 trillion by the end of September. |
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