The aggregate capital and reserves of banks operating in the UAE reached AED476.6 billion ($129.8 billion) at the end of March 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE).

 

The capital and reserves of banks operating in the country increased year-on-year (YoY) by about AED45.9 billion or 10.7% compared to approximately AED430.7 billion in March 2023, a WAM report said.

 

According to the Central Bank, national banks accounted for approximately 85.5% of the total capital and reserves of UAE-based banks, logging a total of AED407.7 billion at the end of March 2024, a YoY increase of 10.2% compared to about AED370.1 billion in March 2023.

 

Share of foreign banks

The share of foreign banks reached 14.5% of the total capital and reserves of banks operating in the country, with their value amounting to AED68.9 billion at the end of March 2024, a YoY increase of about 13.7% compared to about AED60.6 billion in March 2023.

 

At the end of March 2024, the aggregate capital and reserves of banks operating in the Emirate of Dubai reached AED235.2 billion, logging a YoY growth of 12.9%, banks operating in Abu Dhabi recorded around AED204 billion, a YoY increase of 7.5%. Meanwhile, the aggregate capital and reserves of banks operating in other emirates reached around AED37.4 billion, a YoY increase of 14.4%.--TradeArabia News Service