UAE’s banking assets climb 11.5% to $996.6bn in January: CBUAE   

UAE’s banking assets climb 11.5% to $996.6bn in January: CBUAE   

RIYADH: The value of UAE banks’ assets, including acceptance certificates, has increased to 3.66 trillion dirhams ($996.6 billion) in January, recording 11.5 percent growth over 3.29 trillion dirhams recorded during the same period last year, the latest central bank data revealed.

According to the Central Bank of UAE’s report on Monetary Banking Developments for January 2023, total bank credit increased 4.1 percent annually, or by 73.9 billion dirhams to 1.87 trillion dirhams. This is compared to roughly 1.8 trillion dirhams in January 2022.

The report also stated that the overall bank deposits climbed 19.2 percent year-on-year to 2.23 trillion dirhams at the end of January, which is an increase of 358.9 billion dirhams, compared to 1.87 trillion dirhams in the same period last year.

In comparison to the 2.22 trillion dirhams at the end of last December, the CBUAE reported that bank deposits increased monthly by 0.5 percent.

It attributed this increase to the growth in resident deposits, which increased by 0.8 percent due to rise in government and private sector deposits of 1.7 percent and 1.3 percent.

The monetary base increased by 3.4 percent to 536.4 billion dirhams at the end of January 2023, from 518.7 billion dirhams at the end of last December.