UAE banking sector back on upward track in May

Net banking assets and lending in the United Arab Emirates (UAE) were back on the rising track in May, after a brief stagnation in April, figures compiled by National Bank of Abu Dhabi (NBAD) reveal on Thursday. The monthly snapshot of the UAE banking sector released by NBAD on Thursday shows that in May, net banking sector assets were 510 billion U.S. dollars, 8.6 percent high than in the same month a year ago, and up 0.4 percent on a monthly basis. The report also reveals that net loan portfolio of the 28 foreign and 23 local banks in the oil-rich Gulf state reached 308 billion dollars last month, with an increase of 0.8 percent month on month, and 5.2 percent year on year. "The annual growth rate was the fastest since October 2009", before the global financial crisis hit hard the UAE's banking sector in the wake of the real crash in Gulf countries.