The Central Bank of the United Arab Emirates (CBUAE) has announced that by July 2024, the total capital and reserves of active banks in the country will exceed 500 billion dirhams for the first time.
Publish dateTuesday 5 November 2024 - 14:53
According to Amac News: According to new data published by CBUAE, the capital and reserves of the UAE banking sector increased by 10.5% compared to last year and reached 454.9 billion dirhams in July 2023 to 502.6 billion dirhams in July 2024.
In addition, the capital and reserves of this sector increased to about 13.3 billion dirhams in the first seven months of 2024 and grew from 489.3 billion dirhams at the end of 2023.
According to the Central Bank of the Emirates, these figures do not include subordinated loans and deposits, but include the current year's profit.
National banks have a greater share of this capital and reserves, accounting for 86.3% of the total, which has reached 433.7 billion dirhams by July 2024, which represents an annual growth of 10.4%.
Foreign banks also played an important role in this field and accounted for 13.7% of the total capital and reserves of the UAE banking sector, which reached 68.9 billion dirhams by the end of July, showing an annual increase of 11.1%.
According to the Central Bank of the Emirates, this remarkable achievement demonstrates the strength and stability of the country's banking sector and strengthens its position as one of the key drivers of the country's economic growth and stability.
In addition, the capital and reserves of this sector increased to about 13.3 billion dirhams in the first seven months of 2024 and grew from 489.3 billion dirhams at the end of 2023.
According to the Central Bank of the Emirates, these figures do not include subordinated loans and deposits, but include the current year's profit.
National banks have a greater share of this capital and reserves, accounting for 86.3% of the total, which has reached 433.7 billion dirhams by July 2024, which represents an annual growth of 10.4%.
Foreign banks also played an important role in this field and accounted for 13.7% of the total capital and reserves of the UAE banking sector, which reached 68.9 billion dirhams by the end of July, showing an annual increase of 11.1%.
According to the Central Bank of the Emirates, this remarkable achievement demonstrates the strength and stability of the country's banking sector and strengthens its position as one of the key drivers of the country's economic growth and stability.
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Source : news agency wam
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