Sunday, June 6, 2021 – 11:56 AM
ABU DHABI, 6th June / WAM / The foreign assets of national banks exceeded their liabilities of the same category of assets by 86.5 billion dirhams during April of the year 2021, which reflects the great financial solvency enjoyed by Emirati banks, which are now classified as the first in the Gulf and East Middle East by many international institutions specialized in classification operations.
The latest figures issued by the UAE Central Bank show that the cumulative total value of the foreign assets of national banks amounted to approximately 712.56 billion dirhams by the end of last April, while the value of their foreign liabilities reached 626 billion dirhams in the same month.
At the beginning of the year 2021, Fitch International Credit Rating Agency announced the granting of high-level credit ratings to 4 UAE banks in the long and short term. The list of banks included Abu Dhabi Commercial Bank, Emirates NBD, First Abu Dhabi Bank and Dubai Islamic Bank with a stable future outlook for all of these banks. The credit rating or creditworthiness is a degree that shows the extent to which a country or institution is able to pay its debts, and the rating process is based on On economic and accounting criteria, the most important of which is profitability, then assets or financial flows.
The foreign assets of national banks constitute about 84% of the total foreign assets of the banking system in the UAE, which amounted to 847.920 billion dirhams at the end of April of the year 2021, according to Central Bank statistics.
As for the level of foreign liabilities of national banks, they constituted about 86% of the total foreign liabilities of the banking system, which amounted to approximately 727 billion dirhams during the same monitoring period.
WAM/Nasser Arif/Dina Omar