Serrari Group

UAE Banking Sector Achieves Milestone with $1.11 Trillion in Total Assets

In 2023, the UAE banking sector witnessed significant growth, with total assets surging to a record Dh4.1 trillion, marking an 11% increase year-on-year. Despite global challenges, the Central Bank of the UAE’s (CBUAE) strategic initiatives have propelled the sector towards further expansion and recovery in 2024.

During the last quarter of 2023, total assets saw a notable 3.1% increase quarter-on-quarter, accompanied by a 4.2% QoQ rise in deposits, reaching Dh2.5 trillion by December 2023. Notably, the reserves of banks operating in the UAE reached Dh88.7 billion in Q4 2023, showcasing a 5.2% QoQ growth.

The sector’s capital adequacy ratio stood robustly at 17.9%, well above the mandated 13%, highlighting its financial stability. Additionally, the central bank’s foreign assets experienced a significant 16.7% QoQ increase, reaching Dh681.2 billion by Q4 2023.

In parallel, Money Supply M1 surged by 4.2% QoQ and 12.4% annually, totaling Dh829.3 billion in December 2023. Liquid assets within the sector soared by 29% YoY to Dh742 billion in Q4 2023.

Fitch Ratings and S&P Global anticipate continued solid performance for the UAE banking sector in 2024. Driven by robust credit demand from non-oil sectors and economic diversification efforts, the sector is poised for stability and growth.

Fitch’s GCC Banking Sector Outlook 2024 projects stable credit growth across the region, with the UAE and Saudi Arabia leading in credit expansion and profitability. S&P Global experts expect overall stability in key metrics for GCC banks in 2024, positioning the UAE as a key player in regional economic prosperity.

With a steadfast commitment to innovation and strategic foresight, the UAE banking sector remains primed for sustained growth and resilience, driving the nation towards a prosperous future.

Photo Source Google

By: Montel Kamau

Serrari Financial Analyst

21st March, 2024

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