Latest news with #OFCs'
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE banks' gross assets up by 1.6% to Dh4,636.8 billion at end of February 2025: Central Bank
The Central Bank of the UAE (CBUAE) announced the increase in money supply aggregate M1 by 1.8%, from Dh965.3 billion at the end of January 2025 to AED982.9 billion at the end of February 2025. The increase was due to Dh4.1 billion growth in currency in circulation outside banks and Dh13.5 billion rise in monetary deposits. According to the apex bank's Monetary & Banking Developments – February 2025, the money supply aggregate M2 increased by 1.8%, increasing from Dh2,319.3 billion at the end of January 2025 to Dh2,361.9 billion at the end of February 2025. M2 increased because of an elevated M1, and Dh25.0 billion rise in Quasi-Monetary Deposits. The money supply aggregate M3 also increased by 0.8%, from Dh2,789.8 billion at the end of January 2025 to Dh2,813.4 billion at the end of February 2025. M3 increased mainly due to the growth in M2, overriding the Dh19.0 billion decrease in government deposits. The monetary base increased by 3.1%, from Dh791.9 billion at the end of January 2025 to Dh816.6 billion at the end of February 2025. The growth in the monetary base was driven by increases of; 3.4% in currency issued, 11.4% in banks & OFCs' current accounts & overnight deposits of banks at CBUAE and 6.2% in monetary bills & Islamic certificates of deposit, overshadowing the 6.1% decrease in reserve account. Gross banks' assets, including bankers' acceptances, increased by 1.6% from Dh4,562.3 billion at the end of January 2025 to Dh,636.8 billion at the end of February 2025. Gross credit increased by 0.9% from Dh2,186.3 billion at the end of January 2025 to Dh2,205.1 billion at the end of February 2025. Gross credit increased due the combined increases in domestic credit by Dh1.7 billion and foreign credit by Dh17.1 billion. The growth in domestic credit was due to increases in credit to the; private sector by 0.7% and non-banking financial institutions by 5.2%. Credit to the public sector (government-related entities) decreased by 2.0%, and credit to the government sector decreased by 1.4%. Banks' deposits increased by 1.2%, from Dh2,840.7 billion at the end of January 2025 to Dh2,874.6 billion at the end of February 2025. The increase in bank deposits was due to the growth in resident deposits by 0.8%, settling at Dh2,625.5 billion and in non-resident deposits by 5.1%, reaching Dh249.1 billion. Within the resident deposits; government-related entities deposits increased by 3.8%, private sector deposits increased by 1.4% and non-banking financial institutions deposits increased by 5.6%, while deposits to the government sector decreased by 4.0% by the end of February 2025.
Zawya
13-03-2025
- Business
- Zawya
Gross banks' assets up by 2.4% to $121.6bln at end of December 2024: CBUAE
ABU DHABI – The Central Bank announced the increase in money supply aggregate M1 by 2.3%, from AED 924.8 billion at the end of November 2024 to AED 946.4 billion at the end of December 2024. The increase was brought about by AED 1.1 billion growth in currency in circulation outside banks and AED 20.6 billion increase in monetary deposits. The money supply aggregate M2 increased by 1.7%, increasing from AED 2,278.9 billion at the end of November 2024 to AED 2,317.5 billion at the end of December 2024. M2 increased because of an elevated M1, and AED 17.0 billion increase in Quasi-Monetary Deposits. The money supply aggregate M3 also increased by 0.4%, from AED 2,767.4 billion at the end of November 2024 to AED 2,778.9 billion at the end of December 2024. M3 increased mainly due to the growth in M2, overriding AED 27.1 billion decrease in government deposits. The monetary base increased by 4.4%, from AED 748.0 billion at the end of November 2024 to AED 780.6 billion at the end of December 2024. The growth in the monetary base was driven by an increase of 0.1% in currency issued, 0.6% in reserve account, 23.7% in banks & OFCs' current accounts & overnight deposits of banks at CBUAE and 4.1% in monetary bills & Islamic certificates of deposit. Gross banks' assets, including bankers' acceptances, increased by 2.4% from AED 4,451.4 billion at the end of November 2024 to AED 4,560.0 billion at the end of December 2024. Gross credit also increased by 0.8% from AED 2,163.4 billion at the end of November 2024 to AED 2,181.1 billion at the end of December 2024. Gross credit increased due to an increase in foreign credit by 8.3%, overshadowing the decrease in domestic credit by 0.4%. Domestic credit declined due to decreases in credit to the public sector (government-related entities) by 2.5%, private sector by 0.2% and non-banking financial institutions by 2.5%. Whereas, credit to the government sector increased by 1.6%. Banks' deposits increased by 1.5%, from AED 2,804.4 billion at the end of November 2024 to AED 2,847.0 billion at the end of December 2024. The growth in bank deposits was due to increases in resident deposits by 0.5% and non-resident deposits by 13.9%. Resident deposits grew as a result of increases in government-related entities deposits by 4.2%, private sector deposits by 0.9% and non-banking financial institutions deposits by 16.5%, overshadowing the decrease in government sector deposits by 5.2%.
