UAE banks’ gross assets, including bankers’ acceptances, rose by over 10.8 percent year-on-year (YoY), equivalent to AED418.1 billion, reaching AED4.287 trillion, compared to AED3.869 trillion in May 2023, according to the May figures issued by the Central Bank of the UAE (CBUAE).

 

The apex bank data showed that gross credit grew 0.7 percent from AED2.063 trillion at the end of April 2024 to AED2.077 trillion at the end of May 2024, said a Wam news agency report. 

 

Gross credit growth was driven by increases in domestic credit by 0.7 percent and in foreign credit by 0.9 percent. The domestic credit expansion was the product of increases in credit to the public sector (government-related entities) and the private sector by 0.6 percent and 1.2 percent, respectively.

 

Meanwhile, aggregate bank deposits settled at AED2.678 trillion at the end of May 2024, with private sector deposits increasing by 1.2 percent and non-banking financial institutions deposits rising 2.7 percent in May 2024, the report said.

 

The monetary base expanded by 1.8 percent, from AED714.3 billion at the end of April 2024 to AED727.1 billion at the end of May 2024, driven by the growth in currency issued, reserve account and banks and OFCs’ current accounts and overnight deposits of banks at CBUAE by 1.4 percent, 3.3 percent and 29.4 percent, respectively.

 

The latest figures also revealed that the money supply aggregate M1 settled at AED879.2 billion at the end of May 2024.

 

The money supply aggregate M2 rose 0.5 percent, from AED2.148 trillion at the end of April 2024 to AED2.160 trillion at the end of May 2024, mainly due to an increase of AED25 billion in Quasi-Monetary Deposits.

 

The money supply aggregate M3 was AED2.63 trillion at the end of May 2024.