Total capital and reserves of UAE-based banks to reach AED 500 billion by end-January 2024
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The combined capital and reserves of United Arab Emirates (UAE) banks reached AED 500 billion in January 2024, according to the latest data from the Central Bank of the UAE (CBUAE).
This marks an annual increase of AED 58.2 billion, or 13.3%, from AED 438.6 billion in January 2023.
On a monthly basis, capital and reserves increased by 1.7% from AED 488.7 billion in December 2023, with an increase of AED 8.1 billion.
Domestic banks accounted for 86.5% of the total capital and reserves of UAE-based banks, amounting to AED 429.4 billion as of January 2024. This shows a year-on-year increase of 13.2%, up from AED 379.3 billion in January 2023.
Foreign banks accounted for 14% of total capital and reserves, totaling AED 67.4 billion in January 2024, up 13.7% year-on-year from AED 59.3 billion in January 2023.
The CBUAE also highlighted that the capital and reserves of banks in Dubai amounted to AED 243.6 billion in January 2024, with an annual growth of 15.4%. In Abu Dhabi, capital and reserves reached AED 215.2 billion, an annual increase of 10.4%. Meanwhile, in other emirates, capital and reserves amounted to AED 38 billion, an annual increase of 16.2%.
Conventional banks in the UAE had total capital and reserves of AED 417.2 billion in January 2024, an annual increase of 13.8%. Islamic banks, on the other hand, had AED 79.6 billion in capital and reserves, an annual increase of 10.4%.
News source: Emirates News Agency
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