UAE Banks’ Assets Reach AED 4.456 Trillion in October 2024, Deposits and Credit Growth Reported

UAE, 21 January, 2025 : The Central Bank of the UAE (CBUAE) reported a 1.3% increase in gross banks’ assets, reaching AED 4.456 trillion by the end of October 2024, up from AED 4.4 trillion in September. The growth includes an increase in gross credit, which rose by 0.6% to AED 2.174 trillion, driven by higher domestic and foreign credit.

Domestic credit grew due to a 3.0% rise in public sector credit and a 0.1% increase in private sector credit, despite a 1.8% decline in non-banking financial institutions’ credit.

Bank deposits also saw a 1.5% rise, totaling AED 2.802 trillion by October, with significant growth in non-resident deposits (4.7%) and resident deposits (1.2%). Resident deposits increased in the government sector by 2.3%, and government-related entities’ deposits grew by 3.6%.

In terms of money supply, M1 rose by 1.5% to AED 909.9 billion, driven by a growth in monetary deposits. M2 and M3 increased by 0.9% and 1.3%, respectively, reflecting higher Quasi-Monetary and government deposits.

The monetary base, however, declined by 0.1%, driven by a decrease in banks’ current accounts and overnight deposits at the CBUAE.