The total volume of personal loans in the UAE increased to Dh349.9 billion ($95.27 billion) in February 2017, according to a UAE Central Bank report issued on Tuesday. The figure is an increase of 3 percent over January’s total loans.
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 said a Wam news agency report.
In further details, the report mentioned that the total banking reserves at the Central Bank increased to Dh257.7 billion in February from Dh247.7 billion in January 2017.
The banking sector boosted its total investment value to Dh296.5 billion, an increase of Dh4.4 billion from Dh292.1 billion in January 2017.
The report also highlighted that banking capital and reserves rose from Dh350.7billion in January to Dh351.3 billion in February 2017, said Wam.