The banking system in the UAE maintained strong profitability during 2024, as net profit and total operating income increased by 10.2 percent and 10.9 percent respectively compared to 2023. Meanwhile, total operating expenses rose by 9.5 percent year-on-year, attributed to increased staff costs and outsourcing of IT services.
According to the 2024 Financial Stability Report issued by the Central Bank of the UAE, the loan portfolio of the UAE banking system expanded by 9.5 percent over the past year, driven mainly by increased domestic lending to individuals and businesses, with favorable local economic expectations helping offset the impact of high interest rates.
Source: (Al Khaleej UAE Newspaper, Edited)
