Finance Capital and reserves of UAE banks rise 13% to $131bn By Pramod Kumar February 25, 2024, 5:04 AM WAM National banks accounted for 86.5% of the aggregate capital and reserves, totalling AED416.5bn at the end of November 2023 The total capital and reserves of banks operating in the UAE increased 13.3 percent to AED481.5 billion ($131 billion) by the end of November 2023, compared to AED425 billion a year ago, the Central Bank of the UAE’s (CBUAE) data showed. Banks’ aggregate capital and reserves increased 12.3 percent or AED53 billion during the first 11 months of 2023, compared to AED429 billion at the end of December 2022, state-run WAM news agency reported. It grew 2.5 percent monthly compared to AED470 billion in October 2023. National banks accounted for 86.5 percent of the aggregate capital and reserves of banks, totalling AED416.5 billion at the end of November 2023, a 13.6 percent year on year increase. The share of foreign banks settled at 13.5 percent at AED65 billion at the end of November 2023, a YoY growth of 11.9 percent. The aggregate capital and reserves of banks operating in Dubai reached AED233.2 billion, logging a 14.9 percent YoY growth, at the end of November 2023. Banks operating in Abu Dhabi recorded AED210 billion, a 10.6 percent year on year increase. Banks operating in other emirates reached AED38.3 billion, up 19.3 percent annually. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
