UAE Banks' Combined Capital Surpasses Dh500 Billion Milestone

UAE, 13 May, 2024 : The Central Bank of the UAE (CBUAE) reports that the combined capital and reserves of banks operating in the UAE exceeded Dh500 billion by the end of February 2024. This marks a significant year-on-year increase of around Dh63 billion or 14.4%.

National banks accounted for the majority share, comprising approximately 86.5% of the total, reaching Dh433.7 billion, while foreign banks made up the remaining 13.5%, totaling Dh67.8 billion.

Banks in Dubai recorded a combined capital and reserves of Dh246.4 billion, with a year-on-year growth of 15.1%, while those in Abu Dhabi reached Dh217 billion, marking a 13.3% increase. Other emirates collectively accounted for around Dh38.1 billion, showing a 15.5% year-on-year growth.

Savings deposits in the UAE's banking sector grew to Dh278.37 billion, reflecting a year-on-year increase of 13.6%. Demand deposits also saw significant growth, totaling Dh1.05 trillion, with a 14.8% increase compared to the previous year.

Time deposits reached Dh817.1 billion, marking a substantial 28.2% year-on-year increase, with the dirham accounting for 59% of the total and foreign currencies making up the remaining 41%.

Cash deposits increased to Dh725.8 billion, reflecting an 11% year-on-year increase, with a monthly growth rate of 1.92%. These statistics highlight the robust growth and stability of the UAE's banking sector.

Source : www.zawya.com