Abu Dhabi [UAE], November 5 (ANI/WAM): A significant milestone has been achieved by the UAE banking sector. As of July 2024, the total capital and reserves of banks operating within the UAE exceeded AED500 billion for the first time.
According to the latest data released by the Central Bank of the UAE (CBUAE), the sector's capital and reserves witnessed a substantial year-on-year growth of 10.5 per cent, rising from AED454.9 billion in July 2023 to AED502.6 billion in July 2024.
Furthermore, the sector's capital and reserves experienced a notable increase of approximately AED13.3 billion during the first seven months of 2024, growing from AED489.3 billion at the end of 2023.
According to the apex bank, these figures exclude subordinated borrowings and deposits but include current-year profits.
National banks have the lion's share accounting for 86.3 per cent of the total capital and reserves, reaching AED433.7 billion by July 2024, reflecting a year-on-year growth of 10.4 per cent.
Foreign banks also played a significant role, contributing 13.7 per cent to the total capital and reserves, amounting to AED68.9 billion by the end of July, marking an 11.1 per cent year-on-year increase.
This remarkable achievement highlights the strength and resilience of the UAE's banking sector, solidifying its position as a key driver of the nation's economic growth and stability. (ANI/WAM)