Aggregate capital, reserves of UAE-based banks increase to AED500 billion by end of January 2024

Abu Dhabi [UAE], April 5 (ANI/WAM): The aggregate capital and reserves of banks operating in the United Arab Emirates (UAE) reached AED 500 billion at the end of January 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE).
This represents an annual increase of AED 58.2 billion, or 13.3 per cent, from AED 438.6 billion in January 2023.
On a monthly basis, capital and reserves increased by 1.7 per cent from AED 488.7 billion in December 2023, an increase of AED 8.1 billion.
National banks accounted for 86.5 per cent of the aggregate capital and reserves of the UAE-based banks, with a value of AED 429.4 billion at the end of January 2024. This represents an annual increase of 13.2 per cent, compared to AED 379.3 billion in January 2023.
Foreign banks accounted for 14 per cent of the aggregate capital and reserves of banks operating in the UAE, with a value of AED 67.4 billion at the end of January 2024. This represents an annual increase of 13.7 per cent, compared to AED 59.3 billion in January 2023.
The CBUAE also noted that the capital and reserves of banks in the Emirate of Dubai reached AED 243.6 billion at the end of January 2024, an annual growth of 15.4 per cent.
The capital and reserves of banks in the Emirate of Abu Dhabi reached AED 215.2 billion, an annual increase of 10.4 per cent. The capital and reserves of banks in the other emirates reached AED 38 billion, an annual increase of 16.2 per cent.
The capital and reserves of conventional banks in the UAE reached AED 417.2 billion at the end of January 2024, an annual increase of 13.8 per cent. The capital and reserves of Islamic banks reached AED 79.6 billion, an annual increase of 10.4 per cent. (ANI/WAM)