With an annual growth of 13.3%…the capital and reserves of UAE banks reach 500 billion dirhams by the end of January
Abu Dhabi, 5 April / WAM / The total capital and reserves of banks operating in the country touched the barrier of 500 billion dirhams at the end of January 2024, according to the latest statistics of the UAE Central Bank.
The capital and reserves of banks operating in the country increased on an annual basis by about 58.2 billion dirhams, or 13.3%, to reach 496.8 billion dirhams at the end of last January, compared to about 438.6 billion dirhams in January 2023.
The Central Bank of the Emirates stated that the capital and reserves of banks increased on a monthly basis by 1.7%, compared to 488.7 billion dirhams in December 2023, an increase equivalent to about 8.1 billion dirhams.
The Central Bank explained that banks’ capital and reserves do not include loans/secondary deposits, but they include profits for the current year.
According to the Central Bank, national banks acquired about 86.5% of the total capital and reserves of banks operating in the country, with their value reaching 429.4 billion dirhams at the end of last January, an increase on an annual basis of 13.2%, compared to about 379.3 billion dirhams in January 2023.
The share of foreign banks reached 14% of the total capital and reserves of banks operating in the country, with their value reaching 67.4 billion dirhams at the end of last January, an increase on an annual basis of about 13.7%, compared to about 59.3 billion dirhams in January 2023.
The Central Bank indicated that the capital and reserves of banks in the Emirate of Dubai reached 243.6 billion dirhams at the end of last January, with an annual growth of 15.4%, while the capital and reserves of banks in the Emirate of Abu Dhabi reached about 215.2 billion dirhams, an annual increase of 10.4%, and the capital and reserves of banks in the other emirates reached To about 38 billion dirhams, an annual increase of 16.2%.
The capital and reserves of conventional banks in the country recorded about 417.2 billion dirhams at the end of last January, an increase on an annual basis of 13.8%, while the capital and reserves of Islamic banks amounted to about 79.6 billion dirhams, an increase on an annual basis of about 10.4%.
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