470 billion dirhams in capital and reserves of UAE banks at the end of October

 

470 billion dirhams in capital and reserves of UAE banks at the end of October

The total capital and reserves of banks operating in the Emirates increased on an annual basis by about 52.4 billion dirhams (about 14.3 billion dollars), or 12.6 percent, to reach 469.9 billion dirhams (about 128 billion dollars) at the end of last October, compared to about 417.5 billion dirhams ( $113.7 billion) at the end of October 2022.

The Central Bank of the Emirates stated in its monthly report that bank capital and reserves increased during the first ten months of this year by about 9.6 percent, or the equivalent of 41.3 billion dirhams, compared to 428.6 billion dirhams at the end of December of last year 2022, while it grew on a monthly basis by 1.14 percent compared to 464.6 billion dirhams last September, explaining that the banks’ capital and reserves do not include loans and “secondary deposits” but they include the current year’s profits.

According to the Central Bank, national banks acquired about 86.3 percent of the total capital and reserves of banks operating in the Emirates, with their value reaching 405.5 billion dirhams at the end of last October, an increase on an annual basis of 12.64 percent, compared to about 360 billion dirhams in October 2022.

The share of foreign banks reached 13.7 percent of the total capital and reserves of banks operating in the Emirates, with their value reaching 64.4 billion dirhams at the end of last October, an increase on an annual basis of about 12 percent compared to about 57.5 billion dirhams in October 2022, according to the Emirates News Agency.