The UAE Central Bank said total bank assets increased by 7.5 per cent to Dh1.6 trillion at the end of November last year.
"Bank loans and advances increased 0.3 per cent during November and by 2.3 per cent during the first 11 months of 2010. [This] reflects banks' cautiousness and low demand from the private sector," the Central Bank said in a statement yesterday.
"When loans increase, it shows that there is an increase in investments, and this is a sign of a progressive economy," Dr Amjad Hossain, an economist at the UAE University in Al Ain told Gulf News by telephone.
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