2023-06-18 11:37:36
Abu Dhabi – Mubasher: UAE banks granted 11 billion dirhams in new personal financing to the individual sector during the first quarter of this year.
The total balance of individual borrowing increased by more than 487 billion dirhams until the end of last March, acquiring a share of more than 29% of the total credit granted by banks until the end of March 2023, according to Al-Bayan newspaper.
Recent indicators of the UAE Central Bank indicated that 80% of the total balance of personal financing at the end of the first quarter of this year was acquired by financing granted for consumer purposes, which grew by about 7 billion dirhams during that period to reach 390.5 billion dirhams, while it grew by more than 10% by the end of the year. March compared to the same period last year.
The share of personal loans directed to commercial purposes amounted to about 20%, as it increased by about 4 billion dirhams, rising to 96.8 billion dirhams.
The indicators showed a decrease in its total balance by about 12 billion dirhams, compared to more than 106 billion dirhams at the end of March 2022.
And the time series of financings in the Central Bank’s data over the past two years shows that the balance of personal financing for commercial purposes has stabilized at approximately the same balance achieved two years ago, i.e. at the end of March 2021, at a time when consumer financing for individuals jumped about 15% compared to what was recorded at the end of the first quarter of 2021.
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