The Banking Executive Magazine - April 2023 Issue

UAE CONVENTIONAL BANKS' ASSETS REACHED $829.7BLN BY END OF JANUARY 2023 The latest statistics issued by the Central Bank of the UAE (CBUAE) showed the gross assets of conven- tional banks operating in the country reached AED3.047 trillion by the end of January 2023, an annual in- crease of 12.8 percent, compared to nearly AED2.7 trillion in January 2022. The Central Bank's statistics indi- cated that conventional banks in the UAE accounted for nearly 83.1 per- cent of the total assets in the banking sector by the end of January 2023, which amounted to AED3.668 tril- lion, 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 in- crease of 4.3 percent, while deposits in conventional banks increased to AED1.799 trillion at the end of Janu- ary 2023, an annual increase of 15.2 percent. Also, total conventional bank invest- ments recorded an annual increase of 12.9 percent to AED430.2 billion by the end of January 2023. the BANKING EXECUTIVE 26 ISSUE 172 APRIL 2023