Wednesday, February 28, 2024

UAE banks' capital and reserves stood at AED 470 billion at the end of October.

Date:

Emirates Central Bank

Total capital and reserves of banks operating in the emirate rose by about 52.4 billion dirhams (about $14.3 billion), or 12.6 percent year-on-year, to reach 469.9 billion dirhams (about $128 billion) at the end of last October. Compared to about 417.5 billion dirhams ($113.7 billion) at the end of October 2022.

Bank capital and reserves increased by about 9.6 percent or the equivalent of Dh41.3 billion in the first ten months of this year, compared to Dh428.6 billion at the end of last December, the Emirates Central Bank said in its monthly report. In 2022, it grew by 1.14 percent on a monthly basis compared to 464.6 billion dirhams last September, explaining that banks' capital and reserves exclude loans and “secondary deposits” but include current year profits.

According to the central bank, national banks account for about 86.3 percent of the total capital and reserves of banks operating in the emirate, whose value reached 405.5 billion dirhams at the end of last October, an increase of 12.64 percent on a year-on-year basis. About 360 billion dirhams in October 2022.

The share of foreign banks reached 13.7 percent of the total capital and reserves of banks operating in the emirate, whose value reached 64.4 billion dirhams at the end of last October, an increase of about 12 percent compared to 57.5 billion on a year-on-year basis. dirhams in October 2022, according to Emirates News Agency.

The capital and reserves of banks in the Emirate of Dubai reached 229.5 billion dirhams at the end of October last year, an annual growth of 15 percent, while the capital and reserves of banks in the Emirate of Abu Dhabi were about 205 billion dirhams, an increase of 10.1 percent year-on-year, and the capital and reserves of banks in other emirates were about 35.4 billion. reached dirhams, an increase of 11.7 percent year-on-year.

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The capital and reserves of conventional banks in the UAE stood at about 393.5 billion dirhams at the end of last October, an increase of 12.9 percent year-on-year, while the capital and reserves of Islamic banks stood at about 76.4 billion dirhams. About 10.9 percent on an annual basis.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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