Union of Arab Banks revealed that the UAE banking sector ranks first among the Arab banking sectors in terms of asset size, and accounts for 22% of total assets of the Arab banking sector and 20% of total deposits.
Total assets of UAE’s banking sector stood at $748.4 billion at the end of the second quarter of 2018, registering a growth of 2.1% from the end of 2017. Total deposits of UAE’s banking sector reached $432.4 billion, recording a growth of 3.8% over the same period. Total loans stood at $399.3 billion, an increase of 2.3% over the end of 2017. Total reserves and capital of banks operating in the UAE reached $89.9 billion at the end of the second quarter of 2018, down 2% from the end of 2017.
The UAE ranked first in the World Bank's Financial Inclusion Index, with the percentage of adults with an accounts in official financial institution rising from 59.7% in 2011 to 83.7% in 2014 and 88.2% in 2017 (compared to an Arab rate of 37.2%).
Source: (Al Khaleej newspaper, Edited)
