UAE banking assets cross AED 3.66 trillion

The gross assets of UAE banks amounted to AED 3.668 trillion by the end of January, an increase of 11.5 per cent over 12 months, according to the latest statistics from the Central Bank of the UAE (CBUAE).

The gross assets of conventional banks operating in the country reached AED 3.047 trillion by the end of January, an increase of 12.8 per cent compared to nearly AED 2.7 trillion in January 2022.

The Central Bank's report indicated that conventional banks in the UAE accounted for 83.1 per cent of the total while Islamic banks accounted for 16.9 per cent.

The total credit of conventional banks was AED 1.477 trillion at the end of January 2023, an annual increase of 4.3 per cent, while deposits in conventional banks increased to AED 1.799 trillion at the end of January 2023, an annual increase of 15.2 per cent.

Also, total conventional bank investments recorded an annual increase of 12.9 per cent to AED 430.2 billion by the end of January 2023.

Central Bank statistics also showed gross assets of the Islamic banks operating in the UAE increased to AED 620.9 billion, an annual increase of 5.6 per cent.

The statistics reflect an increase in credit for Islamic banks to AED 396.9 billion, an annual increase of 3.5 per cent compared to nearly AED 383.36 billion in January 2022, and an increase of nearly AED 13.3 billion in 12 months.

The Islamic banks’ deposits increased to AED 434.1 billion in January 2023, an annual increase of 3.1 per cent, compared to nearly AED 421 billion in January 2022.

The statistics also reported that the total investments of Islamic banks amounted to AED 106 billion by the end of January 2022, an annual increase of 20.1 per cent, equivalent to AED 171 billion, compared to investments of about AED 88.3 billion in January 2022.