Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

UAE banking sector looks poised for continued growth in 2024

During the period between December 2022 and December 2023, the total assets of banks operating in the UAE increased by 11.1%. (WAM)
  • The indicators of rising assets, financing and capital adequacy ratios reflect the sector's flexibility and resilience to adapt to the changes the world is witnessing
  • At the end of December 2023, total deposits of resident and non-resident customers with banks operating in the UAE rose by 4.2% and annually by 13.5% ), reaching $686bn

Abu Dhabi, UAE–The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery in 2024, thanks to the success of the Central Bank of the UAE’s (CBUAE) strategies and policies in setting the necessary frameworks and regulations to deliver sustainable growth for the sector, and its commitment to promoting economic and financial stability in the UAE.

During the past year, CBUAE succeeded in maintaining a stable and efficient banking and financial system by providing efficient and effective central banking services. It also made record levels of growth in assets, credit, deposits and investments, and maintained strong levels of capital efficiency, provisions and reserves, to ensure compliance with the highest standards of governance, transparency and risk management.

The banking sector has been able to confirm its strength and flexibility in dealing with all global geopolitical and economic challenges and changes. The indicators of rising assets, financing and capital adequacy ratios reflect the sector’s flexibility and resilience to adapt to the changes the world is witnessing, as well as its ability to continue its role in providing the appropriate conditions to achieve economic and social development goals, while ensuring compliance with international standards in governance and risk management.


At the end of the fourth quarter of 2023, total assets of banks operating in the UAE increased by 3.1% (q-o-q), reaching $1.08 trillion. During the period between December 2022 and December 2023, the total assets of banks operating in the UAE increased by 11.1% (y-o-y).


According to the 4th Quarter Report of 2023 issued by the CBUAE on the Monetary, Banking & Financial Markets Developments, gross credit increased by 0.5% (q-o-q), reaching $544 billion at the end of December 2023.

On an annual basis, gross credit increased by 6.0%. At the end of December 2023, total deposits of resident and non-resident customers with banks operating in the UAE rose by 4.2% (q-o-q) and annually by 13.5% (y-o-y), reaching $686 billion.

Aggregate Capital and Reserves of banks operating in the UAE increased by 5.2% (q-o-q), reaching $133 billion at the end of the fourth quarter of 2023. At the end of December 2023, Total Capital Adequacy Ratio stood at 17.9%, remaining well above the 13% Capital Adequacy Ratio, including the 2.5% Capital Conservation Buffer requirement and the 8.5% Tier1 Ratio, prescribed by the Central Bank regulations in compliance with the Basel III guidelines.

At the end of the fourth quarter of 2023, the Central Bank’s foreign assets increased by 16.7% (q-o-q), reaching $185.43 billion. This rise was because of quarterly expansions in Current Account Balances and Deposits with banks abroad by 27% and in Foreign Securities by 10.6%.