UAE conventional banks' assets reached AED3.047 trillion by end of January 2023

UAE conventional banks' assets reached AED3.047 trillion by end of January 2023

ABU DHABI, 21st April 2023 (WAM)—- The latest statistics issued by the Central Bank of the UAE (CBUAE) showed the gross assets of conventional banks operating in the country reached AED3.047 trillion by the end of January 2023, an annual increase of 12.8 percent, compared to nearly AED2.7 trillion in January 2022.

The Central Bank's statistics indicated that conventional banks in the UAE accounted for nearly 83.1 percent of the total assets in the banking sector by the end of January 2023, which amounted to AED3.668 trillion, while Islamic banks accounted for 16.9 percent.

The total credit of conventional banks was AED1.477 trillion at the end of January 2023, an annual increase of 4.3 percent, while deposits in conventional banks increased to AED1.799 trillion at the end of January 2023, an annual increase of 15.2 percent.

Also, total conventional bank investments recorded an annual increase of 12.9 percent to AED430.2 billion by the end of January 2023.