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Bank assets down in UAE by Dhs17bn

The UAE central bank has said the total assets of banks operating in the country have dropped in May for the first time this year by nearly Dhs17bn, while lending and provisions increased, Emirates 24-7 has reported. The total assets of the country's 23 national banks and 28 foreign units dropped to Dhs1.725trn at the end of May from a record high of Dhs1.742trn at the end of April. Deposits fell by around Dhs13bn for the second consecutive month, the bank said in its monthly report.