Rising bank deposits and loans boosted the UAE's banking sector total assets, excluding provisions, by 11.1% ytd to AED 1.991tn ( USD 542bn ) at end-November 2013 , the central bank said. The reading signals a sustained recovery in bank lending and saving deposits despite the banks' still cautious credit policy. The UAE banking sector boasted 23 local banks and 28 foreign banks at end-November. Total bank deposits grew 9.1% ytd to AED 1.273tn over the period. The growth was mainly boosted by rising resident deposits (up 12.3% ytd to AED 1.16tn), whereas non-resident deposits fell 15.7% ytd to AED 113bn. Total loans and advances (net of provisions) increased 6.8% ytd and 1.4% m/m to AED 1.173tn at end-November, out of which AED 273bn were personal loans to residents (up 4.8% ytd). The UAE banks had AED 76.1bn in provisions for NPLs (non-performing loans), up 12.1% ytd.
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