Lenders in UAE approved 7% more loans in 2013

January 30, 2014 9:05 am

The UAE central bank has said lenders operating in the country have approved 7% more loans to their customers in the first eleven months of the 2013, compared with the previous year, Khaleej Times has reported. During the January-November period, deposits grew 9.1%, as a result of a 12.3% increase in resident deposits. Total bank deposits fell 0.9% during the month of November 2013 to Dhs1.27trn, as a result of a decrease in resident deposits by 0.7%, and a decrease in non-resident deposits by 3.2%, while total bank loans and advances increased by 1.4%. Bank assets increased by 0.2% to Dhs1.991trn at the end of November 2013.