The overall assets of the Central Bank of the UAE surged by 2 percent, touching AED 3,252.5 billion mark at the end of Q3. It is reported that the total assets of banks operating in the UAE surged by 7.6 percent year-on-year between September 2019 and September 2020, while the gross credit of the bank surged by 4.9 percent.
The apex bank’s Q3 reports also focuses on the banking and monetary activities including the Emirates’ Q3 financial market. The reports also review annual change over ratios between September 2019 and September 2020.
The overall deposits of local and non-resident customers with banking operating in the emirates surged by 2.2 percent quarter-on-quarter. Furthermore, the Q3 resident deposits touched the Dh1,715.9 billion mark and surged by 3 percent q-o-q. While the Q3 non-residential deposits slumped by 4.5 percent quarter-on-quarter by the end of September this year.
Resident deposits surged by 6.4 percent annually and the non-resident deposits slumped 0.8 percent. The bank’s money supply (M1) and monetary deposits surged by 1.9 percent quarter-on-quarter during Q3. There was an 11 percent y-o-y surge in the monetary aggregate on an annual basis at the end of September.
The banks’ M2 money supply also surged by 0.7 percent quarter-on-quarter during the Q3. The M2 money supply surged 7.9 percent year-on-year on an annual basis at the end of Q3.