The combined capital and reserves of banks operating in the United Arab Emirates (UAE) reached AED 500B by the end of January 2024, as per the latest data released by the Central Bank of the UAE (CBUAE).
This marks a yearly surge of AED 58.2B, equivalent to 13.3%, compared to AED 438.6B recorded in January 2023, according to WAM.
Monthly figures show a 1.7% increase from December 2023, with capital and reserves rising to AED 488.7B, reflecting a gain of AED 8.1B.
At the end of January 2024, national banks contributed 86.5% to the total capital and reserves of UAE-based banks, amounting to AED 429.4B. This represents a yearly uptick of 13.2%, from AED 379.3B in January 2023.
Foreign banks, on the other hand, accounted for 14% of the aggregate capital and reserves, reaching AED 67.4B by January 2024. This indicates a yearly increase of 13.7%, compared to AED 59.3B in January 2023.
CBUAE further highlighted that in January 2024, the capital and reserves of banks in Dubai stood at AED 243.6B, witnessing an annual growth of 15.4%. In Abu Dhabi, banks recorded AED 215.2B, marking a yearly rise of 10.4%. Meanwhile, banks in other emirates saw their capital and reserves reach AED 38B, reflecting an annual increase of 16.2%.
Conventional banks in the UAE amassed AED 417.2B in capital and reserves by January 2024, marking a yearly increase of 13.8%. Islamic banks, on the other hand, saw their capital and reserves reach AED 79.6B, marking a yearly increase of 10.4%.
