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UAE gross bank assets stand at Dhs2.688tr
March 03, 2018
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ABU DHABI: The UAE gross bank assets, including bankers’ acceptances, fell 0.3 per cent from Dhs2.695 trillion at the end of December 2017 to Dhs2.688 trillion at the end of January 2018, figures by the UAE Central Bank showed.

Gross credit in the banking system, increased by 0.5 per cent for the same period to Dhs1.588 trillion. from around 1.581 trillion in December.

Total bank deposits, however, decreased by Dhs5.2 billion.

In the meantime, the bank announced that the Money Supply aggregate M1 increased by 1.1%, from Dhs492.4 billion at the end of December 2017 to Dhs498 billion at the end of January 2018.

The Money Supply aggregate M2 increased by 0.1%, from Dhs1276.2 billion at the end of December 2017 to Dhs1277.2 billion at the end of January 2018.

The Money Supply aggregate M3 decreased by 0.4%, from Dhs1487.1 billion at the end of December 2017 to Dhs1480.9 billion at the end of January 2018.

The increase in M1 was mainly due to a rise of Dhs5 billion in Monetary Deposits. The increase in M2 was brought about by the increase in M1, overshadowing an Dhs4.6 billion reduction in Quasi-Monetary Deposits. M3 mainly fell due to Dhs7.2 billion reduction in Government Deposits.

Insurance firms’ profits

The combined annual profit of the insurance companies listed on the UAE financial markets for 2017 surged to Dhs1.4 billion from Dhs900 million in 2016, a growth attributed to hiking premiums resulting from the updated unified insurance policy which went into force effective January 2017, and strengthened the insurance companies’ financial resources.

According to an analysis by the Emirates News Agency (WAM) of the financial statements of the 31 companies, 22 firms have posted profits.

The profits of 17 ADEX-listed companies increased by 43.3 per cent to Dhs756 million from Dhs471 million in 2016, while the 14 companies listed in DFM had their profits grow 66.6 per cent to Dhs715. million from Dhs429 million in 2016.

The National Takaful Insurance Company was the highest growing firm, with its profits jumping from Dhs400,000 in 2016 to Dhs7.6 million by the end of 2017, followed by the Union Insurance Company which turned losses of Dhs10.5 million in 2016 into profits of Dhs10.3 million by the end of 2017.

Orient Insurance still comes first, posting Dhs355 million in profit by the end of 2017, followed by the Abu Dhabi National Insurance Company with Dhs227 million profit.

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