UAE Central Bank Reports Banks’ Capital and Reserves Exceed Half a Trillion Dirhams

The latest statistics from the Central Bank of the UAE revealed that the capital and reserves of banks operating in the country each year were about 63 billion dirhams, or 14.4%, reaching 501.5 billion dirhams at the end of February last year, compared to about 438.5 billion dirhams in February 2023.
Sharjah 24 – WAM:

The total capital and reserves of banks operating in the country exceeded half a trillion dirhams at the end of February 2024, according to the latest statistics from the UAE Central Bank.

The capital and reserves of banks operating in the country increased annually by approximately 63 billion dirhams, or 14.4%, to reach 501.5 billion dirhams at the end of February last year, compared to approximately 438.5 billion dirhams in February 2023.

The Central Bank of the Emirates said that the capital and reserves of banks increased monthly by 0.95%, compared to 496.8 billion dirhams in January 2024, an increase equal to about 4.7 billion dirhams.

The Central Bank explained that banks’ capital and reserves do not include secondary loans/deposits, but include profits for this year.

According to the Central Bank, national banks received approximately 86.5% of the total capital and reserves of banks operating in the country, with the value reaching 433.7 billion dirhams at the end of February last year, an annual increase of 14.6%, compared to that. to approximately 378.6 billion dirhams in February 2023.

The share of foreign banks reached 13.5% of the total capital and reserves of banks operating in the country, with the value reaching 67.8 billion dirhams at the end of February last year, an annual increase of about 13.2%, compared to about 59.9. billion dirhams in February 2023.

The Central Bank indicated that the capital and reserves of banks in the Emirate of Dubai reached 246.4 billion dirhams at the end of February last year, with an annual growth of 15.1%, while the capital and reserves of banks in The Emirate of Abu Dhabi reached about 217 billion dirhams, an annual increase of 13.3%, and the capital and reserves of banks in the other emirates reached about 38.1 billion dirhams, an annual increase of 15.5%.

The capital and reserves of conventional banks in the country recorded about 420.9 billion dirhams at the end of February last year, an annual increase of 15.2%, while the capital and reserves of Islamic banks amounted to about 80.6 billion dirhams, an increase on an annual basis of about 10.1%.