UAE Banking Statistics December 2009

The Central Bank of the UAE has published its "Banking Indicators" for December 2009.

As noted, the figures for 2009 are provisional and subject to revision.  Also the Total Private Funds (shareholders' equity) does not include current year earnings.

Once 2009 fiscal year audits are completed and approved, then it will be possible to perform an in-depth analysis of the UAE banking sector's performance.

In the interim, as a general comment, there were no significant changes or obvious signs of significant distress.

Total assets in the system are down some AED12.5 billion (US$3.4 billion) from November.  That is a fluctuation of less than 1%.  Year over year, total assets are up some AED62.9 billion (US$17.1 billion) an increase of 4.3% over 2008.

Looking at December 2009 figures, loans are down AED9.4 billion and personal loans up AED0.6 billion compared to November 2009.  When December 2009 figures are compared to December 2008  the increase is AED24 billion and AED3.8 billion respectively. The changes are respectively 1% and 0.3% from November 2009  and roughly 2% from December 2008.

The closely watched specific provisions number was AED32.6 billion in December roughly the same as November's AED32 billion, significantly above December 2008's AED19.7 billion.   General provisions for December 2009 were AED10.7 billion versus AED9.3 billion in November and AED5.3 billion in December 2008.  Here the percentage changes are more dramatic when December 2009's figures are compared to December 2008's:  65% for specific provisions and 102% for general provisions.