UAE Banks' Aggregate Capital and Reserves Surpass AED 0.5 Trillion Mark

The aggregate capital and reserves of banks operating in the UAE surpassed the AED0.5 trillion mark at the end of February 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE).

According to the CBUAE monthly report, the aggregate capital and reserves of UAE-based banks increased by around AED63 billion or 14.4 percent year-on-year (YoY), reaching AED501.5 billion at the end of February 2024, compared to around AED438.5 billion in February 2023. On a monthly basis, it grew 0.95 percent compared to AED496.8 billion in January 2024, an increase of approximately AED4.7 billion.

National banks accounted for around 86.5 percent of the aggregate capital and reserves of UAE-based banks, logging a total of AED433.7 billion at the end of February 2024, a YoY increase of 14.6 percent, compared to around AED378.6 billion in February 2023.

The share of foreign banks of the aggregate capital and reserves of UAE-based banks settled at 13.5 percent, reaching AED67.8 billion at the end of February 2024, a YoY increase of around 13.2 percent, compared to around AED59.9 billion in February 2023.

At the end of February 2024, the aggregate capital and reserves of banks operating in the Emirate of Dubai reached AED246.4 billion, logging a YoY growth of 15.1 percent, banks operating in Abu Dhabi recorded around AED217 billion, a YoY increase of 13.3 percent. Meanwhile, the aggregate capital and reserves of banks operating in other emirates reached around AED38.1 billion, a YoY increase of 15.5 percent.

News Source: Emirates News Agency