UAE Banks' Assets Surge to $1.17 Trillion by April 2024

UAE, 12 July, 2024 :  The Central Bank of the UAE (CBUAE) reported that gross assets of banks, including bankers’ acceptances, grew by 1.0 percent to AED 4,296.5 billion by the end of April 2024, up from AED 4,254.5 billion in March 2024.

Gross credit increased by 0.8 percent, reaching AED 2,063.1 billion, driven by a 0.7 percent rise in domestic credit and a 1.4 percent increase in foreign credit. The growth in domestic credit was led by increases in government sector and private sector credit, offsetting declines in credit to government-related entities and non-banking financial institutions.

Aggregate bank deposits rose by 2.3 percent to AED 2,717.5 billion, with resident deposits growing by 2.7 percent while non-resident deposits declined by 2.9 percent. Government and private sector deposits saw increases, while deposits from government-related entities and non-banking financial institutions decreased.

The CBUAE also reported that money supply aggregates increased across M1, M2, and M3 categories, with M3 expanding by 2.8 percent to AED 2,657.3 billion by the end of April 2024. The monetary base grew by 1.5 percent to AED 714.3 billion, driven by an increase in banks' current accounts and overnight deposits.

These developments indicate ongoing robust activity and expansion within the UAE's banking sector, supporting economic growth and stability amid dynamic market conditions.

Source : www.zawya.com