UAE national banks’ assets reach $823 billion in May

UAE national banks’ assets rose 4 percent to $823 billion in Jan-May 2022, according to latest statistics released by the Central Bank of the UAE (CBUAE) on Monday.

It made up 87.8 percent of the AED 3.442 trillion gross banking sector’s assets by end of May, while the remaining share were for the foreign banks.

The 22 national banks’ total assets in the UAE rise 4 percent (AED 117.3 billion) to hit AED 3.023 trillion in the first five months of 2022.

Assets of the 37 foreign banks increased 2.22 percent (AED 9.1 billion) to AED 419.4 billion by end of May this year compared to AED 410.3 billion in May 2021.

Foreign banks’ assets grew by AED 3.9 billion or 0.94 percent during the first five months of this year.