Today's Edition
LAMEES OBEIDAT (ABU DHABI)
The Central Bank of the UAE (CBUAE) has released its latest data showcasing a strong performance in the country’s banking sector for January 2024.
According to the report, several key indicators exhibited significant growth compared to the previous month and year-on-year figures, reflecting the resilience and stability of the UAE’s financial landscape.
The data revealed that the total banks’ reserves at the CBUAE surged to Dh535.0 billion, marking a noteworthy 2.5% month-on-month (MoM) increase. Moreover, this figure represented an impressive 31.7% year-on-year (YoY) upsurge, reaffirming the steady accumulation of reserves by financial institutions.
Similarly, the total gross credit reached Dh1.996 trillion, demonstrating a 5.3% increase from the previous year. Of this amount, domestic credit accounted for Dh1.738 trillion, while Dh258.4 billion comprised foreign credit, reflecting growth rates of 15.7% and 5.3%, respectively, compared to January 2023.
Furthermore, the report outlined a substantial surge in the total investments by banks, which amounted to Dh640.1 billion, registering a remarkable 19.4% increase compared to January 2023, underscoring the confidence of banks in deploying capital towards diverse investment opportunities.
Bank Deposits also witnessed a positive trajectory, totalling Dh2.54 trillion, marking a 0.7% MoM increase and a significant 13.7% rise from the previous year.
