UAE bank assets rise 2.6% in first quarter

UAE bank assets rise 2.6% in first quarter

UAE Central Bank issues monetary, banking, and financial markets developments report for Q1, 2023

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By WAM Published: Mon 12 Jun 2023, 3:40 PM

Total assets of banks operating in the UAE increased by 2.6 per cent quarter-on-quarter, reaching Dh3.764 trillion by the end of the first quarter of 2023, a report from the Central Bank of the UAE showed on Monday.

The apex bank released the United Arab Emirates Monetary, Banking, and Financial Markets Developments Report for the first quarter of 2023 on Monday. The report provides insights into the monetary and banking activities, as well as the developments in the UAE financial markets during the specified period.

Monetary developments

The report highlights the performance of various money supply indicators. Money supply M1, comprising currency in circulation outside banks and monetary deposits, witnessed a 3.0 per cent quarter-on-quarter (quarter-on-quarter) increase during the first quarter of 2023. On an annual basis, there was a 4.3 per cent year-on-year (y-o-y) growth, reaching Dh759.3 billion by the end of March 2023. Money supply M2, which includes M1 plus quasi monetary deposits, experienced a 5.0 per cent quarter-on-quarter and 12.2 per cent y-o-y increase, reaching Dh1,788.4 billion. Money supply M3, including M2