Gross banks’ assets increased to over Dh4.1 trillion at end of January 2024: CBUAE

Gross banks’ assets increased to over Dh4.1 trillion at end of January 2024: CBUAE

The UAE Central Bank. — File photo

Published: Tue 2 Apr 2024, 7:52 PM

The gross banks’ assets, including bankers’ acceptances, increased by 0.8 per cent, from Dh4.075 trillion at the end of December 2023 to Dh4.109 trillion at the end of January 2024, according to the Central Bank of the UAE (CBUAE).

The bank in its monetary and banking developments for January 2024 reported that gross credit grew by 0.2 per cent from Dh1.991 trillion at the end of December 2023 to Dh1.996 trillion at the end of January 2024.

CBUAE reported that the gross credit rose due to an increase in foreign credit by 1.9 per cent, overshadowing a lessening of domestic credit by 0.01 per cent. Domestic credit diminished because of 0.1 per cent, 1.3 per cent and 13.6 per cent contraction in credit to the government sector, the public sector (government related entities) and the non-banking financial institutions, respectively. On the other hand, credit to the private sector increased by 0.5 per cent, during January 2024.

Total bank deposits climbed by 0.7 per cent, increasing from Dh2.521 trillion at the end of December 2023 to Dh2.539 trillion at the end of January 2024. The rise in total bank deposits was due