The gross assets of UAE banks stood at more than AED 4.46 trillion at the end of October 2024, 1.3 per cent up from the previous month, the Central Bank of the UAE (CBUAE) data showed.
The gross credit by banks posted a marginal increase of 0.6 per cent to AED 2,174.8 billion at the end of October from AED 2,161.9 billion at the end of September, according to the Monetary & Banking Developments – October 2024 report, issued by CBUAE.
The report indicated that domestic credit grew due to increases in credit to the government sector by 0.2 per cent, public sector (government-related entities) by 3.0 per cent and private sector by 0.1 per cent, overriding the decline in non-banking financial institutions by 1.8 per cent.
Banks’ deposits increased by 1.5 per cent, from AED 2,761.4 billion at the end of September to AED 2,802.5 billion at the end of October 2024.
The growth in total bank deposits was the result of the increase in resident deposits by 1.2 per cent and in non-resident deposits by 4.7 per cent.
The central bank report also showed a 1.5 per cent increase in M1 money supply aggregate, a 0.9 per cent rise in M2 money supply aggregate and a 1.3 per cent increase in M3 money supply aggregate in October vis-à-vis the previous month.
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