4.45 trillion dirhams in banking sector assets by the end of October 2024

Abu Dhabi, January 20 / WAM / Total banking assets, including bank acceptance certificates, increased by 1.3% to exceed 4.456 trillion dirhams at the end of October, compared to about 4.4 trillion dirhams at the end of September.
According to the Monetary and Banking Developments Report for October 2024 issued by the Central Bank today, total credit rose 0.6% to 2.174 trillion dirhams at the end of October, from 2.161 trillion dirhams at the end of September.
The increase in total credit is due to the increase in domestic credit by 0.6% and foreign credit by 0.7%.
The expansion in domestic credit is due to the increase in credit to the government sector by 0.2%, the increase in credit to the public sector and government-related entities by 3%, and the increase in credit to the private sector by 0.1%, exceeding the decrease in credit to non-banking financial institutions by 1.8%.
Total bank deposits increased by 1.5% above 2.8 trillion dirhams at the end of October from about 2.76 trillion dirhams at the end of September 2024.
The increase in total bank deposits is due to an increase in resident deposits by 1.2%, and an increase in non-resident deposits by 4.7%.
Resident deposits increased as a result of increases in government sector deposits by 2.3%, government-related entity deposits by 3.6%, and private sector deposits by 1.1%, outpacing the decrease in non-bank financial institution deposits by 13%.
The Central Bank announced an increase in the total money supply M1 by 1.5% to 909.9 billion dirhams at the end of October from 986.3 billion dirhams at the end of September.
This is due to an increase of 14.9 billion dirhams in cash deposits, exceeding a decrease of 1.3 billion dirhams in the value of cash in circulation outside banks.
The total money supply M2 rose by 0.9% to more than 2.27 trillion dirhams at the end of October, compared to 2.249 trillion dirhams at the end of September 2024.
The increase in money supply M2 is due to an increase in money supply M1 and a growth of 7.5 billion dirhams in quasi-cash deposits.
The total M3 money supply rose by 1.3% to above 2.75 trillion dirhams at the end of October 2024 from about 2.72 billion dirhams at the end of September.
The expansion in M3 money supply is attributable to the growth in M2 money supply and an increase of AED 13.8 billion in government deposits.
The monetary base decreased by 0.1% to AED 743.0 billion at the end of October 2024 from AED 743.5 billion at the end of the previous September.
The decline in the monetary base was driven by an 11.4% decline in the current accounts of banks and other financial institutions and overnight deposits with the Central Bank, outpacing increases in each of the issued currencies by 0.8%, in the reserve account by 0.05%, and in cash bills and Islamic certificates of deposit by 6.2%.
In addition, according to data issued today, the Central Bank’s foreign assets amounted to 815.29 billion dirhams at the end of October last year.
The Central Bank’s foreign assets were distributed at 567.82 billion dirhams in bank balances and deposits with banks abroad, 181.23 billion dirhams in foreign securities, and 66.24 billion dirhams in other foreign assets.
The Central Bank’s balance sheet amounted to 851.21 billion dirhams at the end of last October, compared to about 854.49 billion dirhams at the end of the previous September.
The balance sheet – liabilities and capital category, as at the end of October, was distributed at 398.18 billion dirhams for current accounts and deposit accounts, 255.95 billion dirhams for cash bills and Islamic certificates of deposit, 148.05 billion dirhams for banknotes and coins issued, and 15.57 billion dirhams for other liabilities, Capital and reserves amounted to 33.46 billion dirhams.
As for the Central Bank’s balance sheet – asset class, it was distributed at 458.4 billion dirhams in cash and bank balances, 137 billion dirhams in deposits, 207.94 billion dirhams in investments, 1.52 billion dirhams in loans and advances, and 46.35 billion dirhams in other assets.

• For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and