The Central Bank of the UAE has revealed the country's gross banking assets have risen to AED3.128 trillion (US$851 billion) during the first quarter of 2020.

The March gross banks' assets total represents a year-on-year increase of 8.1 percent compared to March 2019 (AED2.894 trillion).

Statistics issued by the central bank highlighted an increase in the value of deposits, which reached AED1.852 trillion in March, a 5.9 percent growth compared to AED1.748 trillion in March 2019.

Gross credit figures also increased to AED1.768 trillion in March, an increase of 5.6 percent.

Domestic credit rose from AED1.529 trillion in March 2019 to AED1.595 trillion while the value of government credit amounted to AED229.1 billion and the private sector recorded an amount of AED1.149 trillion.

Total investments by banks in the UAE reached AED377.6 billion in March, up 2.7 percent compared to AED367.8 billion during the same month last year.

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