The UAE banking sector has reached a major milestone with its total capital and reserves surpassing Dh500 billion as of July 2024, according to the Central Bank of the UAE.
The sector’s capital and reserves experienced a robust year-on-year growth of 10.5%, increasing from Dh454.9 billion in July 2023 to Dh502.6 billion in July 2024. This reflects a significant rise of about Dh13.3 billion in the first seven months of 2024 alone, compared to Dh489.3 billion at the end of 2023.
These figures, which exclude subordinated borrowings and deposits but include current-year profits, underline the sector’s financial health. National banks led the charge, holding 86.3% of the total capital and reserves, reaching Dh433.7 billion by July 2024, with a 10.4% year-on-year growth.
Foreign banks also made a notable contribution, representing 13.7% of the total with Dh68.9 billion, marking an 11.1% increase from the previous year.
