UAE Banking Sector Reaches Record AED 502.6 Billion in Capital and Reserves

UAE, 6 November, 2024 :  The UAE banking sector has reached a significant milestone, with total capital and reserves surpassing AED 500 billion for the first time in July 2024. According to the latest data from the Central Bank of the UAE (CBUAE), the sector saw a 10.5% year-on-year growth, rising from AED 454.9 billion in July 2023 to AED 502.6 billion.

This increase includes a notable AED 13.3 billion growth in the first seven months of 2024, from AED 489.3 billion at the end of 2023. National banks hold the majority share, accounting for 86.3% of the total capital and reserves, or AED 433.7 billion, reflecting a 10.4% growth. Foreign banks contributed 13.7%, reaching AED 68.9 billion, with an 11.1% year-on-year increase.

This achievement underscores the strength and resilience of the UAE banking sector, reinforcing its role in driving economic growth and stability.

Source : www.zawya.com