UAE Banks' Gross Assets Reach AED 4.4 Trillion in September 2024: CBUAE Report

UAE, 17 December, 2024 : The Central Bank of the UAE (CBUAE) reported that the gross assets of banks, including bankers' acceptances, rose by 0.5% from AED 4.378 trillion in August 2024 to AED 4.402 trillion by the end of September 2024.

The CBUAE's Monetary & Banking Developments Report revealed a 2.3% increase in gross credit, which grew from AED 2.113 trillion in August to AED 2.162 trillion in September. This rise was driven by a 1.6% increase in domestic credit and a 6.9% increase in foreign credit.

Bank deposits also saw growth, increasing by 0.8% from AED 2.741 trillion in August to AED 2.761 trillion in September. Resident deposits grew by 0.8%, while non-resident deposits increased by 0.5%. Resident deposit growth was supported by a 4.9% rise in government-related entities deposits and a significant 20.5% increase in non-banking financial institution deposits.

The report further highlighted a 0.9% increase in M1, the money supply aggregate, which rose from AED 888 billion in August to AED 896 billion in September. M2 increased by 1.7%, reaching AED 2.25 trillion, while M3 rose by 0.9%, totaling AED 2.72 trillion.

The monetary base also expanded by 1.2%, growing from AED 734.9 billion to AED 743.5 billion, driven by a 1.0% increase in currency issued and a 39.2% rise in banks’ current accounts and overnight deposits at the CBUAE.