ID :
72209
Sun, 07/26/2009 - 16:05
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https://www.oananews.org//node/72209
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Banks' credit to private sector falls
Dubai, July 26, 2009 (WAM) - Claims by UAE banks on the private sector dipped by about Dh8 billion in the first quarter of 2009 because of a sharp fall in domestic demand, official figures showed yesterday. In contrast, loans to government rose by Dh3bn and to other public sector establishments by Dh9bn.
From about Dh630.7bn at the end of 2008, loans and advances provided by the country's 52 banks to the private sector dropped to about Dh622.9bn at the end of March, showed the figures by the Central Bank.
The bulk of the decline was in credits to private financial institutions as they declined to about Dh46.6bn at the end of March from Dh50.9bn at the end of 2008, said the Central Bank in its quarterly statistical bulletin.
Loans to private business and industrial establishments jumped to Dh381.1bn from Dh341.3bn in the same period, while "other loans" plunged to about Dh195bn from Dh237.2bn.
The report showed credit to the government swelled to about Dh75bn by the end of March from Dh72.2bn at the end of 2008. Those to other public sector establishments rose to Dh79.5bn from Dh70.1bn.
Total loans and advances extended by the UAE's 24 national banks and 28 foreign units to residents grew by about Dh4bn to Dh777.8bn at the end of March from about Dh773.1bn at the end of 2008.
Sector-wise, the report showed there was a decline in credit to such key sectors as construction and trade and an increase in personal loans. Credits to the construction sector fell to about Dh108.9 billion at the end of March from Dh119.2bn at the end of 2008, while those to trade declined to about Dh116.2bn from Dh124.2bn.
Loans to the non-oil industrial sector edged up to about Dh46.7bn from Dh45.6bn and those to electricity and water to about Dh21bn from Dh20.2bn.
Loans to communications and transport slipped to Dh24.6bn from Dh25.03bn in the same period.
Personal loans soared to about Dh222.1bn from Dh203.5bn.
The figure at the end of March included Dh167.9bn in personal loans for business purposes and Dh68.9bn in personal credit for consumption purposes,
The report showed total credit to residents and non-residents grew by about Dh6bn to about Dh930.2bn at the end of the first quarter from about Dh924.3bn at the end of 2008. – Emirates Business 24|7
From about Dh630.7bn at the end of 2008, loans and advances provided by the country's 52 banks to the private sector dropped to about Dh622.9bn at the end of March, showed the figures by the Central Bank.
The bulk of the decline was in credits to private financial institutions as they declined to about Dh46.6bn at the end of March from Dh50.9bn at the end of 2008, said the Central Bank in its quarterly statistical bulletin.
Loans to private business and industrial establishments jumped to Dh381.1bn from Dh341.3bn in the same period, while "other loans" plunged to about Dh195bn from Dh237.2bn.
The report showed credit to the government swelled to about Dh75bn by the end of March from Dh72.2bn at the end of 2008. Those to other public sector establishments rose to Dh79.5bn from Dh70.1bn.
Total loans and advances extended by the UAE's 24 national banks and 28 foreign units to residents grew by about Dh4bn to Dh777.8bn at the end of March from about Dh773.1bn at the end of 2008.
Sector-wise, the report showed there was a decline in credit to such key sectors as construction and trade and an increase in personal loans. Credits to the construction sector fell to about Dh108.9 billion at the end of March from Dh119.2bn at the end of 2008, while those to trade declined to about Dh116.2bn from Dh124.2bn.
Loans to the non-oil industrial sector edged up to about Dh46.7bn from Dh45.6bn and those to electricity and water to about Dh21bn from Dh20.2bn.
Loans to communications and transport slipped to Dh24.6bn from Dh25.03bn in the same period.
Personal loans soared to about Dh222.1bn from Dh203.5bn.
The figure at the end of March included Dh167.9bn in personal loans for business purposes and Dh68.9bn in personal credit for consumption purposes,
The report showed total credit to residents and non-residents grew by about Dh6bn to about Dh930.2bn at the end of the first quarter from about Dh924.3bn at the end of 2008. – Emirates Business 24|7
