World Economy

UAE Banks Assets Rise

UAE Banks  Assets Rise UAE Banks  Assets Rise

The total assets of 10 UAE banks jumped to Dh1.75 trillion ($476 billion) by the end of Q1 2017, a 9.3% growth from Dh1.6 trillion recorded over the same period last year, according to a new report, TradeArabia reported. The growth in assets of the 10 banks whose Q1 financial statements were announced April 20 is attributable to an increase in the value of bank deposits registered during the first quarter of the year, which amounted to Dh1.11 trillion, a 4.4% increase over the same period last year, said the analysis from WAM, the official news agency. The UAE banks continue to book robust growth despite the state of deceleration witnessed by the banking sector globally, according to banking sources who have cited the positive results recorded over the past three months as an example for the resilience boasted by UAE banks in comparison with other banks in the region.


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