UAE banks’ investments exceeded the AED 650M mark by the end of February 2024, reaching their highest level in history, according to the latest statistics from the Central Bank of the UAE (CBUAE).
Statistics from the Central Bank, released in today’s Banking Indicators Report, showed a 20.6 percent year-on-year increase in investments of banks operating in the country, reaching AED 652.7B by the end of February 2024, compared to about AED 541.4B in February 2023, an increase equivalent to AED 111.3B over 12 months.
According to the Central Bank, bank investments increased by 2 percent on a monthly basis compared to AED 640.1B in January 2024, an increase equivalent to AED 12.6B in one month. Additionally, they increased by about 2.9 percent since the beginning of the current year, or the equivalent of AED 18.3B, compared to about AED 634.4B at the end of the previous year.
As of the maturity date, held-to-maturity bonds accounted for the largest share of bank investments, reaching approximately 49.1 percent with a value of AED 320.6B by the end of February 2024. This represented a monthly increase of 3.02 percent and a yearly increase of about 39.2 percent.
Banks’ investments in securities representing debts to others, specifically “debt bonds,” constituted around 40.9 percent of total investments, reaching AED 267B by the end of February 2024. This marked a monthly increase of about 1.3 percent and a yearly increase of 7.3 percent.
Bank investments in stocks reached AED 15.8B in February 2024, indicating a yearly increase of approximately 31.7 percent compared to AED 12B in February 2023.
Other investments for banks amounted to approximately AED 49.3B at the end of February 2024, which is the same figure recorded in the previous month of January.
