Fund transfers between UAE’s banks amount to Dhs5.054tr

The total value of fund transfers among the UAE’s banks amounted to Dhs5.054 trillion during the first six months of 2020, according to the statistics released by the Central Bank of the United Arab Emirates.

The bank fund transfers during the reference period hit Dhs3.24 trillion, while individual transfers stood at Dhs1.814 trillion.

The transactions are made through the UAE Fund Transfer System (UAEFTS) that enables the lenders to conduct all interbank local fund transfers.

On a monthly basis, March saw the total transfers by individuals and banks altogether cross the one trillion dirham mark, with January recording Dhs948 billion, and February Dhs847 billion.  The rest is divided over the remaining months of the reference period.

FTS is a funds transfer mechanism in the UAE wherein transfer of money takes place from one Bank to another through the UAE’s Central Bank system. In compliance with regulatory requirements, all Banks in UAE have been mandated to use the UAE FTS for all Dirhams transfers.

In the meantime, total withdrawals from the CBUAE during the reference period valued around Dhs116.13 billion, Dhs116.099 billion of which are banknotes and the remainder in coins.

Deposits reached Dhs103.715 billion, Dhs103.711 of which are in banknotes and the rest in coins, according to the financial regulator’s figures.

The total assets of the 18 listed national banks rose to around Dhs3 trillion in H1 of 2020, up 8.2 per cent, compared to the comparable period of 2019, reflecting the strong financial profile boasted by the Emirati banks, according to data released on their websites.

The sector’s activity is highlighted by the profitability of the banks, as deposits increased around 13 per cent to around Dhs1.942 trillion during the first half of the year, from around Dhs1.72 trillion in the same period last year. Loans also witnessed growth, climbing 8 per cent from Dhs1.509 billion to Dhs1.629 billion during the reference period.

In more detail, the total assets of 11 ADX-listed national banks amounted to Dhs1.643 trillion against Dhs1.575 trillion. In DFM, seven listed banks saw their total assets increasing from Dhs1.069 trillion to Dhs1.347 trillion.

FAB is the best performer with asset worth Dhs866 bn, accounting for 28.8 per cent of the total assets of all listed national lenders. Emirates NBD comes second with Dhs694.3 billion, or 23.1 per cent, followed by ADCB, Dhs406 billion, Dubai Islamic Bank, Dhs295 billion, and Abu Dhabi Islamic Bank, Dhs124 billion.

Meanwhile the total assets of the 18 listed national banks in the UAE rose to around Dhs3 trillion ($816 billion) in H1 of 2020, up 8.2 per cent, compared to the comparable period of 2019, reflecting the strong financial profile boasted by the Emirati banks.

The sector’s activity is highlighted by the profitability of the banks, as deposits increased around 13 per cent to around Dhs1.942 trillion during the first half of the year, from around Dhs1.72 trillion in the same period last year, reported Emirates News Agency WAM, citing data released on banks’ s websites.

WAM