The total assets of the banking sector in the United Arab Emirates (UAE) grew by 19.1 percent in September 2006 compared to December 2005, the Gulf News reported on Sunday.

According to quarterly statistics released by the UAE Central Bank, the total assets grew from 638 billion Dirhams (173 billion U.S. dollars) to 759.8 billion Dirhams (206 billion dollars) during the period, the report said.

Foreign assets of the banking sector grew by 7.5 percent from 175 Dirhams to 188.1 billion Dirhams during the same period, and foreign liabilities increased by 62.6 percent from 32.2 billion Dirhams to 133.7 billion Dirhams, reflecting a recent increase in international issues, the report added.

Total deposits increased by 15.5 percent from 409.6 billion Dirhams to 473.3 billion Dirhams, of which resident deposits grew by 12.8 percent from 384.3 billion Dirhams to 433.7 billion Dirhams, while non-resident deposits increased by 56 percent from 25.4 billion Dirhams to 39.6 billion Dirhams.

During the same period, net banking credit increased by 25.9 percent from 362.6 billion Dirhams to 456.4 billion Dirhams, of which residents' credit grew by 26.4 percent from 322.2 billion Dirhams to 407.2 billion Dirhams, while non-resident credit increased by 21.5 percent from 40.5 billion Dirhams to 49.1 billion Dirhams. (1 U.S.dollar equals 3.688 Dirhams)

Source: Xinhua