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UAE Banking Sector Update: Gross Bank Assets Reach Dh4.1 Trillion in January 2024

Gross Bank Assets Reach Dh4.1 Trillion in January 2024

The Central Bank of the UAE (CBUAE) has reported a significant increase in gross bank assets, reaching over Dh4.1 trillion by January 2024. This notable uptick of 0.8 percent from the previous month showcases the strength and growth of the banking sector in the UAE.

Credit Dynamics Show Resilience Amidst Sectoral Variations

Despite varying trends within different sectors of the economy, the overall credit landscape remains resilient. While domestic credit experienced a slight decrease of 0.01 percent, foreign credit surged by 1.9 percent. Notably, credit to the private sector saw a modest increase of 0.5 percent, indicating ongoing support for business growth.

Positive Trajectory for Total Bank Deposits

Total bank deposits also demonstrated a positive trajectory, rising by 0.7 percent to Dh2.539 trillion by the end of January 2024. The growth in resident deposits offset the decline in non-resident deposits, reflecting confidence in the domestic banking system.

Monetary Base Expansion and Money Supply Aggregates

The monetary base expanded by 1.8 percent during the same period, reaching Dh670.9 billion by January 2024. Money supply aggregates showed varying growth rates, with M2 and M3 experiencing notable increases fueled by government deposits and quasi-monetary deposits.

Despite challenges and sectoral variations, the UAE’s banking sector continues to exhibit resilience and stability. The positive momentum observed in January 2024 sets a strong foundation for sustained growth and adaptability in the face of evolving economic dynamics.

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