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Non-resident deposits out-valued their loans by AED61 billion during the first seven months of the year driven by the increasing deposits by non-resident clients into local banks, according to figures by the UAE Central Bank.
The growth in non-resident deposits with local banks reflected the high confidence in the banking system whose indicators yielded significant positive results since the beginning of 2018.
Figures showed that the accumulated balance of non-resident deposits by the end of July rose to AED196.1 billion, the highest level in two years.
The CBUEA noted the steady growth of non-resident deposits since the commencement of the current year.
Non-resident deposits constitute 11.5 percent of gross deposits of AED1.7 trillion with banks.
On the credit side, total lending to non-residents stood at AED124.7 billion by the end of July as compared with AED132.9 billion for the corresponding period in 2017.
Loans extended by banks to non-residents accounted for 8.3 percent of the total balance of credit which was valued at nearly AED1.6 trillion.
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