Economist expects strong banking performance in UAE in 2019

Dated:
July 27, 2019

The UAE banking system is strong and has had strong performance since last year, The Economist reported.

The Emirates Economist Intelligence Unit yesterday released a report on the performance of UAE banks until June, titled "The UAE Economy: Boosting Banks' Assets in the First Half of 2019" and to Monitor the increase in deposits in UAE banks to 1.08 billion AED at the end of June, against 1 billion AED for the same period. And loans to 946 billion AE against 886 billion AE in June 2018.

The figures show that the UAE's banking system has maintained its good financial performance since last year, in line with the most important requirements and criteria, namely a sufficient capitalization rate and abundant credit growth.

The report predicted that certain performance indicators would continue to show solid results in the UAE by 2019. The increase in the volume of credits granted to businesses and institutions, including the contribution of certain sectors such as construction, communications, transportation, warehousing, manufacturing and retail, is the most important.

The report noted a growing trend of integration among UAE banks and the hope of its continuation. He highlighted the interest of UAE banks to invest in financial technology and oversaw the launch of several initiatives described as bold to scale up the digitization of banking services, including the launch of platforms for digital banking and banking. Improved banking services via smartphones. It is expected that the UAE banks will expand the adoption of financial technologies during the next period.

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