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UAE banks extend AED112bn in new loans

In November, new credit facilities amounted to AED8.2bn, making gross value of credit portfolio the highest ever recorded

Banks operating in the United Arab Emirates extended new loans worth AED112.1 billion in the January-November period, up by 8.1 per cent compared with the figure recorded in the corresponding period of 2014.

In November alone, new credit facilities amounted to AED8.2bn, sending the gross value of the credit portfolio to AED1.49 trillion, the highest figure ever recorded.

By the end of 2014, the banks’ credit portfolio stood at AED1.37trn, rising to AED1.41trn; it reached AED1.44trn at the end of first half of the current year and to AED1.47trn by end of the third quarter.

According to figures by the UAE central bank, local banks extended their lending activities and sought new products targeting individuals.

Accordingly, the total value of personal loans grew to AED332bn at the end of November compared with AED329bn at the end of October.

Furthermore, the total value of the rise in personal loans extended over the past 11 months amounted to AED32.5bn, indicating an increase of 10.9 per cent.