Last year, the total amount of consumer loans amounted to 75 billion dirhams, which is the highest indicator for the last 8 years. By the end of December last year, the total credit volume reached 502 billion dirhams compared to 427 billion dirhams by the end of 2023, with an annual growth of 17.6%. This data was provided by the Central Bank.
According to the statistical report, officially published by the Central Bank, banks in the UAE employed 1,732 new employees during the past year. At the same time, foreign banks reduced their number of employees by 854 people.
The total number of employees in the banking sector by the end of last year reached 39,046 people compared to 38,168 people at the end of the previous year. In addition, the volume of gold in the possession of the Central Bank at the end of last year amounted to about 23 billion dirhams, increasing from 18 billion dirhams by the end of 2023.
According to the report, loans for commercial purposes by the end of last year amounted to 86 billion dirhams, decreasing by 2.7 billion dirhams or 3% compared to the end of 2023. Deposits of residents amounted to 743 billion dirhams by the end of last year, which is against 653 billion dirhams by the end of 2023, with an increase of 90 billion dirhams, or 13.8%.
Also, the deposits collected amounted to 317.5 billion dirhams by the end of last year, compared to 272.8 billion dirhams by the end of 2023, with a growth of 44.7 billion dirhams, which constitutes 16.3%. The total number of branches of national banks decreased by the end of last year to 484 branches, meaning the closure of 5 branches during 2024.
As for foreign banks, the number of their branches at the end of the reporting period amounted to 73 branches, compared to 72 branches at the end of 2023, an increase of one branch for the year. A total of 1,732 new employees were hired by national banks during the past year.
