Tue 21-03-2017 17:24 PM

UAE personal loans amount to AED349 billion in February

ABU DHABI, 21st March, 2017 (WAM) -- Total volume of personal loans in the UAE increased to AED 349.9 billion in February 2017, according to a UAE Central Bank report issued on Tuesday, which affirmed the banks’ continual contribution to the overall wellbeing and growth of the economy.

By providing personal and corporate finance facilities, as well as creation of jobs, the UAE banks continue to play a dynamic role in establishing a robust economic development process through the mobilisation of financial resources, ensuring the required financing for the support of the national economy and creating the required investments, the report added.

The total bank reserves at the Central Bank have risen to AED258.4 billion, according to the report, which featured a detailed coverage of banking sector indices in the country.

In further details, the report mentioned that the total banking reserves at the Central Bank increased to AED257.7 billion in February from AED247.7 billion in January 2017.The personal loans rose to AED349 billion in February 2017, an increase of 3 percent over January’s total loan value, the report noted.

The banking sector boosted its total investment value to AED296.5 billion, an increase of AED4.4 billion from AED292.1 billion in January 2017.

The report also highlighted that banking capital and reserves rose from AED350.7billion in January to AED351.3 billion in February 2017.