UAE personal loans fall 11pc in April
Dubai, June 3, 2009
Personal loans extended by United Arab Emirates banks fell 10.9 percent in April compared with the end of last year, while the gap between loans and deposits narrowed over the same period, central bank data showed.
Outstanding personal loans at UAE banks stood at Dh201.7 billion ($54.93 billion) at the end of April, compared with Dh226.4 billion on December 31, the central bank said in a statement on its website.
Loans and advances of Dh997.7 billion on April 30 was up 0.2 per cent from the month earlier, the data showed.
Total loans in February had fallen month-on-month as banks become more cautious about new lending during an economic downturn in the country, where the emirate of Dubai is suffering from a sharp downward correction in real estate prices.
Deposits at UAE banks rose 4.2 in April from December to Dh961.6 billion, the data showed. The gap between loans and deposits was Dh36.1 billion - down from Dh71.2 billion at the end of December, the data showed.-Reuters