CBUAE Reports 2.4% Growth in Bank Assets, Totaling $121.6 Billion

UAE, 13 March, 2025 :  The Central Bank of the UAE (CBUAE) reported a 2.4% increase in gross banks’ assets, including bankers’ acceptances, reaching AED 4,560.0 billion ($121.6 billion) by the end of December 2024.

Money supply aggregates also saw growth. M1 increased by 2.3% to AED 946.4 billion due to a rise in currency in circulation and monetary deposits. M2 grew by 1.7% to AED 2,317.5 billion, supported by higher M1 and a rise in quasi-monetary deposits. M3 edged up 0.4% to AED 2,778.9 billion, driven by M2 growth despite a decline in government deposits.

The monetary base expanded by 4.4% to AED 780.6 billion, attributed to increases in reserve accounts, overnight deposits, and Islamic certificates of deposit. Gross credit rose by 0.8% to AED 2,181.1 billion, primarily due to an 8.3% surge in foreign credit, countering a 0.4% drop in domestic credit.

Banks’ deposits grew by 1.5% to AED 2,847.0 billion, supported by a 13.9% rise in non-resident deposits and a 0.5% increase in resident deposits. Government-related entity deposits, private sector deposits, and non-banking financial institutions’ deposits also contributed to the overall growth.