UAE Central Bank announces annual growth in financial sector
UAE conventional bank assets reached AED3.047tn ($830bn), an increase of 12.8 per cent on the year before.
The latest statistics issued by the Central Bank of the UAE showed the gross assets of conventional banks operating in the country were up on the nearly AED2.7tn in January 2022.
The Central Bank’s statistics indicated that conventional banks in the country accounted for nearly 83.1 per cent of the total assets in the banking sector by the end of January 2023, which amounted to AED3.668tn, while Islamic banks accounted for 16.9 per cent.
UAE bank assets
The total credit of conventional banks was AED1.477tn at the end of January 2023, an annual increase of 4.3 per cent, while deposits in conventional banks increased to AED1.799tn 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 AED430.2bn by the end of January.
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