UAE bank assets cross Dh2 trillion mark

The combined assets of the UAE banks crossed Dh2 trillion mark for the first time at the end of 2013 to maintain the country’s position as having the largest banking sector in the Arab region, according to official data.

The assets soared by nearly Dh34 billion to an all-time high of Dh2,025.8 billion at the end of December 2013 from Dh1,991 billion at the end of November, the Central Bank said in its monthly statistics report.

The rise mean that the combined assets of the UAE’s 23 national banks and 28 foreign units remained the highest in the Arab world after they overtook Saudi bank assets several years ago.

The increase in January was mostly in CDs held by banks as they surged to Dh107.9 billion from Dh99.3 billion at the end of November. Islamic CDs soared to around Dh34.1 billion from Dh24.8 billion, the figures showed.

Deposits swelled by nearly Dh5 billion to Dh1,278.9 billion at the end of 2013 from Dh1,273.5 billion at the end of November. Loans also grew by the same level to Dh1,177.3 billion from Dh1,173.7 billion in the same period.

The report showed that the banks’ combined shareholders equity, covering capital and reserves, edged up to Dh268.4 billion from Dh267.6 billion. Capital adequacy stood at as high as 16.9 per cent at the end of 2013.

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