Gross banks’ assets, including bankers’ acceptances, rose by over 10.8 per cent year-on-year (YoY), equivalent to Dh418.1 billion, reaching Dh4.287 trillion, compared to Dh3.869 trillion in May 2023, according to the May figures issued by the Central Bank of the UAE (CBUAE).
The apex bank data released on Thursday showed that gross credit grew 0.7 per cent from Dh2.063 trillion at the end of April 2024 to Dh2.077 trillion at the end of May 2024. Gross credit growth was driven by increases in domestic credit by 0.7 per cent and in foreign credit by 0.9 per cent. The domestic credit expansion was the product of increases in credit to the public sector (government-related entities) and the private sector by 0.6 per cent and 1.2 per cent, respectively.
Meanwhile, aggregate bank deposits settled at Dh2.678 trillion at the end of May 2024, with private sector deposits increasing by 1.2 per cent and non-banking financial institutions deposits rising 2.7 per cent in May 2024.
The monetary base expanded by 1.8 per cent, from Dh714.3 billion at the end of April 2024 to Dh727.1 billion at the end of May 2024, driven by the growth in currency issued, reserve account and banks and OFCs’ current accounts and overnight deposits of banks at CBUAE by 1.4 per cent, 3.3 per cent and 29.4 per cent, respectively.
The latest figures also revealed that the money supply aggregate M1 settled at Dh879.2 billion at the end of May 2024.
The money supply aggregate M2 rose 0.5 per cent, from Dh2.148 trillion at the end of April 2024 to Dh2.160 trillion at the end of May 2024, mainly due to an increase of Dh25 billion in Quasi-Monetary Deposits.
The money supply aggregate M3 was Dh2.63 trillion at the end of May 2024.