Emirates banks’ reserves grow by 12.1% by the end of June

A report issued by the UAE Central Bank revealed that the total capital and reserves of banks operating in the country grew on an annual basis by 12.1 percent by about 48.5 billion dirhams, reaching 447.8 billion dirhams at the end of last June, compared to about 399.3 billion dirhams at the end of June 2022.

According to data from the Central Bank of the Emirates, the capital and reserves of banks increased during the first half of this year by 4.5 percent, equivalent to 19.2 billion dirhams, compared to 428.6 billion dirhams at the end of December of last year 2022, and increased on a monthly basis by 1.2 percent compared to 442.4 billion dirhams in May 2023.

National banks accounted for about 86.3 percent of the total capital and reserves of banks operating in the country, with their value reaching 386.6 billion dirhams at the end of last June, an increase on an annual basis of 12.5 percent compared to about 343.7 billion dirhams in June 2022.

While foreign banks accounted for 13.7 percent, with its value reaching 61.2 billion dirhams at the end of last June, an increase on an annual basis of about 10.1 percent compared to about 55.6 billion dirhams in June 2022.

The capital and reserves of banks in the Emirate of Dubai reached 216.7 billion dirhams at the end of last June, with an annual growth of 13.6 percent, while the capital and reserves of banks in the Emirate of Abu Dhabi amounted to about 196.9 billion dirhams, an annual increase of 11.2 percent.

The capital and reserves of banks in the other Emirates reached about 34.2 billion dirhams, an annual increase of 8.9 percent.

The capital and reserves of conventional banks in the country amounted to about 374.9 billion dirhams at the end of last June, with a growth of 12.5 percent, while the capital and reserves of Islamic banks amounted to about 72.9 billion dirhams, an increase on an annual basis of about 10.3 percent.

Data issued by the UAE Central Bank showed that net international reserves in the country's banking sector increased by 290 billion dirhams, a growth of 47 percent, at the end of last January.