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UAE Freezones Biz News Updates
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The UAE’s loan growth exceeds 7% in 2013
Aggregate bank deposits also rose 9.5 per cent as nation's economy marks
strong recovery
Bank lending in the UAE grew 7.1 per cent year on year in 2013, according to
the latest data from the UAE Central Bank.
Bank loans grew at their fastest pace since the fourth quarter of 2009,
reaching 7.1 per cent year on year in December 2013. Loans and advances rose
just 0.3 per cent from November on a month on month basis after a big jump
in November.
“The acceleration in credit growth through 2013 (average 5.5 per cent,
compared with average 2.7 per cent in 2012), provides further evidence of
the broader economic expansion in the UAE last year, although private sector
credit growth remains lower than in Saudi Arabia and Qatar. We expect
private sector credit growth to remain in high single digits this year, and
forecast 8 per cent year on year in December 2014,” said Khatija Haque, Head
of Mena Research at Emirates NBD.
Strong performance
Key sectors, such as tourism and corporate services, are performing
strongly, particularly in Dubai, and a strong rebound in real estate prices
over the past 18 months has improved the loan demand in the country.
Banks in the UAE had stopped lending almost completely in 2008-2012 as they
shifted their focus to cleaning up their balance sheets and improving their
funding profiles. During this period compound average nominal growth in
credit to residents was a meagre 2.3 per cent annually. From early last
year, there were visible signs of a revival in UAE banks’ loan portfolios.
“We expect the nominal growth of credit to remain at about 10 to 12 per cent
in 2014 and 2015. The positive overall trend in employment and the retail
sectors should continue to foster banks’ retail loan books,” said Timucin
Engin, Associate Director, Financial Services Ratings, Standard & Poor’s
Ratings Services.
The UAE’s aggregate bank deposits also rose 9.5 per cent (Dh111.1 billion)
year on year in December 2013. Total deposits at the end of the year were
Dh1,278.9 billion. On a month on month basis, deposits surged 0.4 per cent
in December. According to the central bank figures residents’ deposits were
up 13 per cent last year, making it a key driver of overall deposit growth.
Key monetary indicators showed that the overall domestic liquidity continued
to improve with broad money supply (M2) up 22.5 per cent for the full year.
Quasi money (foreign exchange and long-term dirham deposits) growth
accelerated to 20.2 per cent in December, while M1(coins and notes in
circulation and other liquid money equivalents) growth slowed to 26.9 per
cent in December.
Government deposits continued to decline month on month through the fourth
quarter, which is reflected in the slower M3 (M2 plus longer-term time
deposits and money market funds with more than 24-hour maturity) growth over
the same period. M3 was up 12.6 per cent in 2013 compared to 10.9 per cent
in 2012.
Feb 26, 2014 |
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Courtesy Al Nisr Publishing LLC
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