ABU DHABI, UAE– The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion (AED481.5 billion) by the end of November 2023 compared to US$114.6 (AED424.9 billion) at the end of the same period of 2022, according to the Central Bank of the UAE’s (CBUAE) statistics.
According to the CBUAE monthly report, the aggregate capital and reserves of UAE-based banks increased 12.3 percent or US$14.4 billion (AED52.9 billion) during the first 11 months of 2023, compared to US$116 billion (AED428.6 billion) at the end of December 2022.
On a monthly basis, it grew 2.5 percent compared to US$127.9 billion (AED469.9 billion) in October 2023.
National banks accounted for 86.5 percent of the aggregate capital and reserves of UAE-based banks, logging a total of US$113 billion at the end of November 2023, a year-on-year (YoY) increase of 13.6 percent.
The share of foreign banks of the aggregate capital and reserves of UAE-based banks settled at 13.5 percent, reaching US$17 billion (AED65 billion) at the end of November 2023, a YoY growth of 11.9 percent.
At the end of November 2023, the aggregate capital and reserves of banks operating in the Emirate of Dubai reached US$63.2 billion (AED233.2 billion), logging a YoY growth of 14.9 percent, while banks operating in Abu Dhabi recorded US$57 billion (AED210 billion), a YoY increase of 10.6 percent.
The aggregate capital and reserves of banks operating in other emirates settled at AED38.3 billion, recording a 19.3 percent YoY growth.