RIYADH: According to official data, the liquid assets of the UAE banking sector increased by 20.2 percent year over year to 801.52 billion dirhams ($218.2 billion) by the end of the second quarter of 2024.
The increase represents a leap from 666.6 billion dirhams in the same period last year, according to the Central Bank of the UAE’s most recent report. Compared to 786.6 billion dirhams at the end of the first quarter of this year, it increased by 2 percent, or 14.9 billion dirhams, on a quarter-over-quarter basis.
By June, the sector’s total assets reached 4.2 trillion dirhams, of which 18.9% were liquid assets.
This occurs as the banking industry in the United Arab Emirates shows robust expansion and adaptability to global challenges. Record increases in assets, credit, deposits, and investments have been made by the CBUAE to support this expansion, all while maintaining strong capital efficiency and reserves.
The robust capitalisation of the banking system in the United Arab Emirates was also emphasised in the report. As of the end of the second quarter, the total capital adequacy ratio stood at 18.3 percent, up from 18 percent in the first three months of the year and 17.9 percent in the final quarter of 2023.
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