This monthly growth of 0.95% represented an additional 4.7 billion dirhams.

The Central Bank of the UAE aims to improve monetary and financial stability in the country with these figures.

National banks held approximately 86.5% of the total, with a yearly increase of 14.6% to 433.7 billion dirhams.

In February 2024, the total capital and reserves of banks in the United Arab Emirates (UAE) reached 503.5 billion dirhams, marking a 14.5% year-on-year growth.

Foreign banks accounted for 13.5% of this total, amounting to 67.8 billion dirhams, representing a 13.2% increase from the previous year.

The capital and reserves of banks in Dubai grew by 15.1% to 246.4 billion dirhams, while those in Abu Dhabi increased by 13% to 217 billion dirhams.

The combined capital and reserves of banks in other emirates amounted to 38.1 billion dirhams, up 15.5% from the same period in 2023.

In March, a Roland Berger executive reported that UAE bank branches were generating the highest revenues in the region, with an average of $18.6 million per branch.

The text discusses the decrease in the number of banking branches in the Gulf Cooperation Council (GCC) countries due to digital transformation.

Between 2019 and 2022, the number of branches dropped from 4,067 to 3,739.

The UAE saw the most significant reduction with branches merging and closing.

Saumitra Sehgal, the head of financial services in the Middle East at a global consulting firm, explained that digital transformation enabled financial institutions to reduce the need for physical branches.