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UAE banking sector reaches record AED 502.6 billion in capital and reserves
The Business Guardian
|November 06, 2024
The UAE banking sector has reached a significant milestone, with total capital and reserves surpassing AED 500 billion for the first time as of July 2024.
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This achievement reflects the sector's robust performance and underscores its crucial role in the economic landscape of the United Arab Emirates. According to the latest data from the Central Bank of the UAE (CBUAE), capital and reserves experienced impressive year-on-year growth of 10.5%, rising from AED 454.9 billion in July 2023 to AED 502.6 billion in July 2024.
During the first seven months of 2024, the sector saw an increase of approximately AED 13.3 billion, up from AED 489.3 billion at the end of 2023. Notably, these figures exclude subordinated borrowings and deposits but include profits generated in the current year, showcasing the banks' ability to enhance their capital positions through effective financial management and operational performance.
This story is from the November 06, 2024 edition of The Business Guardian.
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