Gross banks’ assets saw Dhs418b YoY increase in May 2024: CBUAE
- 01 Aug 2024
Gross banks’ assets, including bankers’ acceptances, rose by over 10.8 per cent year-on-year (YoY), equivalent to Dhs418.1 billion, reaching Dhs4.287 trillion, compared to Dhs3.869 trillion in May 2023, according to the May figures issued by the Central Bank of the UAE (CBUAE).
The apex bank data released today showed that gross credit grew 0.7 per cent from Dhs2.063 trillion at the end of April 2024 to Dhs2.077 trillion at the end of May 2024. Gross credit growth was driven by increases in domestic credit by 0.7 per cent and in foreign credit by 0.9 per cent. 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 per cent and 1.2 per cent, respectively.
Meanwhile, aggregate bank deposits settled at Dhs2.678 trillion at the end of May 2024, with private sector deposits increasing by 1.2 per cent and non-banking financial institutions deposits rising 2.7 per cent in May 2024.
The monetary base expanded by 1.8 per cent, from Dhs714.3 billion at the end of April 2024 to Dhs727.1 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 per cent, 3.3 per cent and 29.4 per cent, respectively.
The latest figures also revealed that the money supply aggregate M1 settled at Dhs879.2 billion at the end of May 2024.
The money supply aggregate M2 rose 0.5 per cent, from Dhs2.148 trillion at the end of April 2024 to Dhs2.160 trillion at the end of May 2024, mainly due to an increase of Dhs25 billion in Quasi-Monetary Deposits.
The money supply aggregate M3 was Dhs2.63 trillion at the end of May 2024.
According to banks indicators Issued by the Central Bank of the UAE last month, the total investments by banks operating in the country continued to rise steadily, reaching Dhs666.2 billion at the end of April 2024, registering growth of 0.3% on a monthly basis, and 5% since the beginning of the year.
The figures showed a 21% increase in investments at th end of April 2024 compared to the same month last year.
At te end of last April, the investments included debt securities at Dhs270.5 billion, equities at Dhs16.6 billion, held to maturity securities at Dhs328.5 billion, and other investments at Dhs50.6 billion.
The Central Bank of the United Arab Emirates on Thursday announced that monetary deposits increased by over 1.74 per cent or Dhs13.1 billion in April, reaching Dhs764 billion, compared to Dhs750.9 billion in March.
CBUAE, Dubai Courts MoU: The Central Bank of the UAE (CBUAE) and the Dubai Courts have signed a Memorandum of Understanding (MoU) aimed at linking electronic services related to the execution of judgments, orders, and decisions issued by the Dubai Courts through the Central Bank’s court cases management system.
The MoU was signed by Khaled Mohamed Balama, CBUAE Governor, and Prof. Saif Ghanem Al Suwaidi, Director-General of Dubai Courts, at the Central Bank’s headquarters in Abu Dhabi and in the presence of senior officials from both parties.
The MoU is part of the joint endeavour to implement the Zero Government Bureaucracy Programme to improve services efficiency, quality and effectiveness, and execute the UAE’s digital strategy related to services provided to all individuals and businesses.
It also aims to promote collaboration in various fields and establish effective mechanisms, including electronic connectivity, to expedite and activate the execution of judgments, orders, and decisions issued by the Dubai Courts within the jurisdiction of the Central Bank in compliance with the controls and procedural rules of the CBUAE’s court cases management system.
Balama said, “The MoU comes from the central bank’s keenness to implement the leadership vision of promoting digital transformation strategy, activating mechanisms of integration and partnership, and sharing expertise with all federal and local authorities to provide pioneering services that meet global standards to individuals and businesses and partners. This will enhance the country’s competitiveness globally and support sustainable growth.”
Al Suwaidi stated, “The MoU strengthens the collaborative efforts with the Central Bank in the realm of electronic linkage, an initiative that opens new horizons for enhancing efficiency, effectiveness, and speed in the execution of judgments, orders, and judicial decisions issued by Dubai Courts. This initiative paves the way for a new phase of excellence in achieving the objectives of electronic linkage, aligning with the joint efforts to advance the smart transformation journey and build the world’s smartest and happiest city. This is in line with the insightful vision and wise directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.”
Prof. Al Suwaidi further explained that this step will bolster Dubai Courts’ efforts in ensuring swift and precise justice, delivering exceptional judicial services that guarantee customer satisfaction, and upholding the values of justice, independence, and transparency.
