Total capital & reserves of UAE-based banks reach AED500 billion by end of January 2024

The combined capital and reserves of banks in the United Arab Emirates (UAE) reached AED500 billion by January 2024, as per the latest data from the Central Bank of the UAE (CBUAE).

This marks a yearly rise of AED58.2 billion, or 13.3%, from AED438.6 billion in January 2023.

Month-on-month, the capital and reserves increased by 1.7% from AED488.7 billion in December 2023, with a rise of AED8.1 billion.

National banks made up 86.5% of the total capital and reserves of UAE-based banks, amounting to AED429.4 billion by January 2024. This shows a yearly increase of 13.2%, up from AED379.3 billion in January 2023.

Foreign banks accounted for 14% of the total capital and reserves, totaling AED67.4 billion by January 2024, marking a yearly increase of 13.7% from AED59.3 billion in January 2023.

The CBUAE also highlighted that the capital and reserves of banks in Dubai amounted to AED243.6 billion by January 2024, growing annually by 15.4%. In Abu Dhabi, the capital and reserves reached AED215.2 billion, showing an annual increase of 10.4%. Meanwhile, in other emirates, the capital and reserves stood at AED38 billion, with an annual increase of 16.2%.

Conventional banks in the UAE had a total capital and reserves of AED417.2 billion by January 2024, up by 13.8% annually. Islamic banks, on the other hand, had AED79.6 billion in capital and reserves, marking a yearly increase of 10.4%.

News Source: Emirates News Agency