Gross bank assets rose 1.3% m-o-m to AED 4.255 tn at the end of March, according to the Central Bank of the UAE’s (CBUAE) latest monetary and banking developments report (pdf). Gross credit grew a marginal 1.7% m-o-m to AED 2.014 tn, driven by a 1.1% increase in domestic credit and a 5.3% rise in foreign credit.

The increase in domestic credit was fueled by increased lending mostly to the public sector, which saw a 2.8% m-o-m increase, followed by non-banking financial institutions (1.7%), and the private sector (1.4%).

Total bank deposits reached AED 2.657 tn at the end of March, propelled by a 1.5% m-o-m increase in resident deposits and a 6.4% increase in non-resident deposits, according to the report. Domestic non-banking financial institutions boosted deposits by 17.8% m-o-m, while the government saw a 3.3% uptick, and the private sector saw a 2% increase.

The CBUAE’s total foreign assets rose some AED 23.12 bn to AED 731.6 bn at the end of March, according to the bank’s latest data (pdf).

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