The assets of the banking sector in the United Arab Emirates picked up by five per cent or AED115 billion in the first half of 2015.
Total assets as of H1 2015 reached AED2.42 trillion when compared with AED2.3trn in the same period last year.
The sector injected AED69bn into the local market in the form of loans in the first six months of the year, marking a five per cent increase, according to official data.
The local banks’ loan and credit facilities portfolio stood at AED1.44trn by the end of June, the figures by the UAE central bank reveal.
The private sector accounted for approximately AED44.5bn of loans extended during that period, bringing the total value of offered loans to AED984bn.
Government loans saw an uptick in their value after rising by 10.1 per cent to AED15.4bn in the six-month period, according to the data published by Al-Ittihad.
Furthermore, the total value of local banks’ investment portfolio nudged up by 5.7 per cent to roughly AED241bn.
Local banks’ investments in the stock market declined by AED300 million to stand at AED13.7bn, while investments in the bonds market surged by AED13bn to reach AED60.2bn in that same period.