UAE banks’ investments hit AED64 bn in nine months

ABU DHABI, The investment portfolio of UAE-based banks amounted to AED64 billion in the first nine months of 2019, hitting a total record of AED397.3 billion by the end of September, according to figures revealed by the Central Bank of the United Arab Emirates.

The upward growth trajectory is driven by a 19.4 percent jump in banks’ investments in securities from circa AED210.9 bn in December 2018 to AED248.6 bn by the end of this September.

Investing in shares grew likewise from AED10.1 bn to AED11.6 bn during the same period, with investments in held-to-maturity securities growing from AED81.2 bn to AED94.1 bn, while other investments amounted from AED30.6 bn to AED43 bn.

Government deposits hit AED316.6 bn by the end of September from AED290.3 bn in December 2018, with the private sector’s total deposits rising from AED1.009 trillion to AED1.034 trillion in the same period, bringing banks’ total deposits to around AED1.802 trillion.

In the meantime, gross credit amounted to AED1.72 trillion, with banks’ total capital and reserves growing from AED355.2 bn in December 2018 to AED377.3 bn by the end of September.

Source: Emirates News Agency