In March 2024, the UAE’s banking sector saw a significant increase in capital and reserves, reaching a total of 476.6 billion dirhams ($130 billion), according to the latest statistics from the Central Bank. This represents an increase of about 45.9 billion dirhams, or 10.7%, compared to the previous year.
The Central Bank clarified that these figures do not include secondary loans/deposits, but do include profits for the current year. National banks accounted for approximately 85.5% of the total capital and reserves, amounting to 407.7 billion dirhams. This marked a 10.2% increase from the previous year. Meanwhile, foreign banks accounted for 14.5% of the total, with their capital and reserves reaching 68.9 billion dirhams, a 13.7% increase from the previous year.
In terms of location, banks in Dubai had a total capital and reserves of 235.2 billion dirhams, showing a 12.9% annual growth rate