DUBAI: The number of bank loans and credit cards issued by banks and financial institutions operating in the country increased by 3% during 2023 to reach 2.52 million contracts (loans and credit cards), compared to 2.44 million contracts in 2022, according to Marwan Ahmed Lutfi, Director General of Al Etihad Credit Bureau (AECB).

In statements to the Emirates News Agency (WAM), Marwan Lutfi said that this increase indicates the strength of the financial position of both borrowers and banks. It also reflects increased confidence by the financial institutions in the ability of borrowers to meet their financial obligations.

He pointed out that the number of active contracts (loans and cards) reached 9.8 million contracts at the end of December 2023, with an increase of up to 11%, compared to its level at 8.9 million contracts at the end of 2022.

Regarding the data of individuals and companies at the AECB, Lutfi explained that the company’s database, as of the end of last year, now includes 16.6 million indivi
duals and companies, including 7.1 million borrowers (individuals and companies), of which 4.2 million are active borrowers (individuals and companies).

He pointed out that the number of individual borrowers reaches 3.99 million clients, while the number of borrowing companies reaches 189,000, in addition to 1.7 million companies in the records of the AECB.

Source: Emirates News Agency