The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching AED481.5 billion by the end of November 2023 compared to AED424.9 billion at the end of the same period of 2022, according to the Central Bank of the UAE's (CBUAE) statistics.
According to the CBUAE monthly report, the aggregate capital and reserves of UAE-based banks increased 12.3 percent or AED52.9 billion during the first 11 months of 2023, compared to AED428.6 billion at the end of December 2022. On a monthly basis, it grew 2.5 percent compared to AED469.9 billion in October 2023.
National banks accounted for 86.5 percent of the aggregate capital and reserves of UAE-based banks, logging a total of AED416.5 billion at the end of November 2023, a year-on-year (YoY) increase of 13.6 percent.
The share of foreign banks of the aggregate capital and reserves of UAE-based banks settled at 13.5 percent, reaching AED65 billion at the end of November 2023, a YoY growth of 11.9 percent.
At the end of November 2023, the aggregate capital and reserves of banks operating in the Emirate of Dubai reached AED233.2 billion, logging a YoY growth of 14.9 percent, while banks operating in Abu Dhabi recorded AED210 billion, a YoY increase of 10.6 percent. The aggregate capital and reserves of banks operating in other emirates settled at AED38.3 billion, recording a 19.3 percent YoY growth.
News Source: Emirates News Agency
