By July 2024, the total capital and reserves of banks in the UAE exceeded AED 500M ($136.1B) for the first time.
The latest data from the Central Bank of the UAE indicates that the sector’s capital and reserves saw a significant year-on-year increase of 10.5 per cent, rising from AED 454.9M ($123.8B) in July 2023 to AED 502.6M ($136.8B) in July 2024.
Additionally, the sector’s capital and reserves increased by approximately AED 13.3M ($3.6B) during the first seven months of 2024, rising from AED 489.3M ($133.2B) at the end of 2023.
The figures exclude subordinated borrowings and deposits, but they do include profits for the current year.
National banks account for the largest portion, with 86.3 per cent of the total capital and reserves, amounting to AED 433.7M ($118.8B) by July 2024, reflecting a year-on-year increase of 10.4 per cent.
Foreign banks contributed 13.7 per cent to the total, reaching AED 68.9M ($18.7B) by the end of July, showing an 11.1 per cent growth compared to the previous year.
This milestone highlights the strength and stability of the UAE’s banking sector, confirming its pivotal role in supporting the nation’s economic growth and stability.
