According to CBUAE Monetary & Banking Developments Report for December 2024, total banking assets rose from AED 4.451 trillion at the end of November 2024 to AED 4.560 trillion at the end of December 2024.
The Central Bank of the UAE also announced a 2.4% monthly increase in total banking assets, including bank acceptance certificates.
On an annual basis, assets increased by 11.9% (AED 485 billion) compared to AED 4.075 trillion in December 2023.
Details about CBUAE Monetary & Banking Developments Report 2024
Credit Growth
- Total credit increased by 0.8%, from AED 2.163 trillion in November 2024 to AED 2.181 trillion in December 2024.
- On an annual basis, credit grew by 9.54% (AED 190 billion) compared to AED 1.991 trillion in December 2023.
Deposit Growth
- Total bank deposits increased by 1.5%, from AED 2.804 trillion in November 2024 to AED 2.847 trillion in December 2024.
- On an annual basis, deposits grew by 12.93% (AED 326 billion) compared to AED 2.521 trillion in December 2023.
The increase in total bank deposits was driven by a 0.5% rise in resident deposits and a 13.9% increase in non-resident deposits.
Resident deposits increased due to:
- A 4.2% rise in government-related entity deposits.
- A 0.9% increase in private sector deposits.
- A 16.5% surge in non-banking financial institution deposits, offsetting a 5.2% decline in government deposits.
Monetary Base and Money Supply Growth
As per CBUAE Monetary & Banking Developments Report, the monetary base rose by 4.4%, from AED 748.0 billion in November 2024 to AED 780.6 billion in December 2024.
M1 Money Supply (cash outside banks + demand deposits) grew 2.3%.
- The growth was from AED 924.8 billion in November 2024 to AED 946.4 billion in December 2024.
- It was due to an AED 1.1 billion increase in cash outside banks and a AED 20.6 billion rise in demand deposits.
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M2 Money Supply (M1 + quasi-monetary deposits) increased 1.7%.
- From AED 2.278 trillion in November 2024 to AED 2.317 trillion in December 2024.
- This was driven by the rise in M1 money supply and a AED 17.0 billion increase in quasi-monetary deposits.
M3 Money Supply (M2 + government deposits) rose 0.4%, from AED 2.767 trillion in November 2024 to AED 2.778 trillion in December 2024.
- The expansion in M3 was driven by M2 growth, which outweighed a AED 27.1 billion decline in government deposits.
