UAE central bank government says bank lending within prudential ratios

File Picture (Reuters)

Bank lending in the United Arab Emirates remains within prudential ratios set by the central bank, new central bank governor Mubarak al-Mansouri said in a speech on Monday.

The speech, to a regional banking conference in Dubai, was read on his behalf by assistant governor for banking supervision
Saeed Abdullah al-Hamiz. It was Mansouri's first public speech since he was appointed to the central bank's helm in September.

"Bank lending remains within prudent limits set by the central bank, with the ratio of loans and advances to stable
resources of banks reaching 86 percent," Mansouri said.

"The loan book on a gross basis has been increasing by an annual average rate of about 5 percent during 2010-2013 and
about 8 percent during nine months of this year...while bank deposits increased by an average of about 7 percent and 11
percent respectively.

"Such indicators support healthy growth of the banking sector."

Gross year-on-year bank lending growth in the UAE climbed to 8.6 percent in September from 7.2 percent in August, according to the latest central bank data.

 

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Last Update: Wednesday, 20 May 2020 KSA 09:43 - GMT 06:43
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