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ABU DHABI / WAM
Non-resident deposits acr-oss UAE’s banking system reported solid growth during first nine months of ye-ar, with their growth outst- ripping retail loans provided to non-residents by AED63 billion by end of Q3.
The expansion in banks’ holdings of deposits corroborates investor confidence in the UAE banking sector, reckoned the first in the region in terms of capital adequacy and solvency, according to various international credit agencies.
During first seven mon-ths of year, non-residents’ deposits outstripped their loans by AED61 billion, supported by rising interest rates on different certificate of deposits’ terms. According to figures released by CBUAE, the cumulative non-resident deposits account was up to a two-year high of AED205.4 billion by the end of September.
According to the statistics, non-residents deposits comprise 11.8 percent of total deposits at the UAE banks, figured at around AED1.73 trillion.
In terms of credit, loans provided to non-residents amounted to AED141.9 billion by the end of September against around AED133 billion in the same month 2017. They accounted 8.6 percent of the total credit provided by the UAE banks, estimated at AED1.623 trillion by the end of September.