UAE banking sector hits all-time-high of AED 502.6 billion in capital, reserves

The UAE banking sector reached a significant milestone in July 2024, with total capital and reserves exceeding AED 500 billion for the first time, WAM reported.

According to data from the Central Bank of the UAE (CBUAE), the sector’s capital and reserves grew 10.5% year-on-year, rising from AED 454.9 billion in July 2023 to AED 502.6 billion by July 2024.

The first seven months of 2024 saw an additional AED 13.3 billion added to the sector's capital and reserves, which stood at AED 489.3 billion at the close of 2023.

The CBUAE noted that these figures include current year profits but exclude subordinated borrowings and deposits.

National banks contributed significantly to this growth, holding 86.3% of the sector’s capital and reserves, amounting to AED 433.7 billion by July 2024 — a 10.4% increase from the previous year.

Foreign banks accounted for the remaining 13.7%, with reserves reaching AED 68.9 billion, an 11.1% increase year-on-year.