UAE Banks' Capital and Reserves Surge to AED 481.5 Billion

UAE Banks' Capital and Reserves Surge to AED 481.5 Billion

By Staff Writer, 27 February 2024

According to data released by the Central Bank of the UAE (CBUAE), the total capital and reserves of banks operating within the UAE witnessed a notable surge, reaching AED 481.5 billion ($131 billion) by the conclusion of November 2023. This marks a substantial increase of 13.3 percent from the AED 425 billion recorded the previous year.

The report, as detailed by the state-run WAM news agency, highlighted that banks collectively saw their capital and reserves escalate by 12.3 percent, amounting to AED 53 billion during the initial 11 months of 2023, compared to AED 429 billion noted at the end of December 2022.

This growth was further illustrated by a monthly increase of 2.5 percent compared to October 2023, which recorded AED 470 billion.

National banks dominated the landscape, representing 86.5 percent of the total aggregate capital and reserves, tallying AED 416.5 billion by the end of November 2023.

This reflected a robust year-on-year increase of 13.6 percent.

Meanwhile, foreign banks accounted for the remaining 13.5 percent share, amounting to AED 65 billion, marking an 11.9 percent year-on-year expansion.

Breaking down the regional dynamics, banks operating in Dubai reported an impressive surge in their aggregate capital and reserves, reaching AED 233.2 billion, showcasing a substantial year-on-year growth of 14.9 percent by November 2023.

In Abu Dhabi, banks recorded AED 210 billion, indicating a notable 10.6 percent increase compared to the previous year.

Banks operating in other emirates also experienced significant growth, with their aggregate capital and reserves reaching AED 38.3 billion, reflecting a substantial annual increase of 19.3 percent.

Source: Pramod Kumar / AGBI

Related Report

Dubai’s Digital Economy and Startup Ecosystem

Dubai’s Digital Economy and Its Expanding Startup Ecosystem

Dubai’s startup ecosystem will have raised over US $2 billion when 2022 is over, and self-employed and digital economy roles in the country have tripled in size. Learn from some of the hottest home-grown startups and global transplants about why Dubai is well-positioned to become the next digital economy capital of the world.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems