In 2021, First Abu Dhabi Bank (FAB) ranked first by total assets among listed commercial banks in the United Arab Emirates (UAE), exceeding 272 billion U.S. dollars. Meanwhile, the total assets of Emirates National Bank Dubai (ENBD) amounted to just over 187 billion U.S. dollars.
UAE banking sector amid the pandemic
During the COVID-induced economic slump, banking and financial services, one of the key non-oil sectors in the United Arab Emirates, also felt the impact of the pandemic. In financial year 2020, banking profitability in the UAE declined by over 20 percent. However, the UAE banking sector is expected to rebound strongly within the next few years, given the extensive tax reforms introduced in the new UAE Federal Corporate Tax effective starting June 2023.
Digital banking in the FinTech landscape
Boasting the most progressive FinTech (financial technology) ecosystem in the Middle East and North Africa region, the United Arab Emirates has been at the forefront of digital transformation in the banking sector. FinTech features were most commonly used for account aggregation and peer-to-peer money transfers among banking customers in the UAE. In addition to traditional brick-and-mortar banks now also offering digital products and services to remain competitive, the emergence and success of challenger banks and neobanks, which target a wide range of tech-savvy customers, will likely reshape the UAE financial services sector for the years to come.
FAQs
In 2021, First Abu Dhabi Bank (FAB) ranked first by total assets among listed commercial banks in the United Arab Emirates (UAE), exceeding 272 billion U.S. dollars. Meanwhile, the total assets of Emirates National Bank Dubai (ENBD) amounted to just over 187 billion U.S. dollars.
What is the total assets of banks in UAE? ›
At the end of the fourth quarter of 2023, total assets of banks operating in the UAE increased by 3.1% (q-o-q), reaching AED 4.075 trillion.
Which is the largest commercial bank in the UAE? ›
First Abu Dhabi Bank (FAB) is the largest bank in the United Arab Emirates.
What are the major assets held by commercial banks? ›
The bank's assets include cash; investments or securities; loans and advances made to customers of all kinds, though primarily to corporations (including term loans and mortgages); and, finally, the bank's premises, furniture, and fittings.
How many commercial banks are there in the UAE? ›
At the end of the fourth quarter of 2021, the number of locally incorporated banks increased to 22 banks with the addition of a bank, the first of its kind in the region that serves the local community and deals with the UAE Dirham only.
What is total assets in banks? ›
Operating expenses of a bank as a share of the value of all assets held. Total assets include total earning assets, cash and due from banks, foreclosed real estate, fixed assets, goodwill, other intangibles, current tax assets, deferred tax assets, discontinued operations and other assets.
What are the primary assets of commercial banks? ›
Loans, advances, and bills discounted or purchased: The primary element of financial assets and the primary source of income for commercial banks are loans, advances, and subsidized or acquired bills.
What is the total assets of commercial International bank? ›
Total assets on the balance sheet as of December 2023 : $27.02 B.
What are the major assets of scheduled commercial banks? ›
| | Table III.2: Consolidated Balance Sheet of Scheduled Commercial Banks |
|---|
| Total Assets | 16,99,197 |
| 1. | Cash and balances with RBI | 86,123 |
| 2. | Balances with banks and money at call and short notice | 75,113 |
| 3. | Investments | 6,93,753 |
28 more rowsCommercial Bank of Dubai (CBD) is a UAE banking and financial services corporation headquartered in Deira, Dubai. With more than US$23 billion in assets, Gulf Business listed CBD as the 7th largest bank in the UAE, based on total assets.
Emirates NBD Awarded Best Bank in the Middle East and Best Bank in the UAE at the Euromoney Excellence Awards 2023.
Who owns banks in UAE? ›
The Central Bank Law stipulates that the Board of Directors of the Central Bank determines the conditions and controls for ownership of shares of Banks incorporated in the UAE and shareholdings contribution in their capital and, in all cases, the national shareholding must not be less than sixty percent (60%).
What is the total assets of Emirates Islamic bank? ›
- Emirates Islamic has delivered record profitable growth in the first quarter of 2024, with total assets increasing by 8% to AED 95 billion.
What is the total bank deposit in UAE? ›
Total bank deposits climbed by 0.7 percent, increasing from AED 2,521.9 billion at the end of December 2023 to AED 2,539.9 billion at the end of January 2024. The rise in total bank deposits was due to the growth in resident deposits by 0.9%, superseding the decrease in non-resident deposits by 1.8 percent.
What are the assets of Islamic banks? ›
The assets of the world's Islamic banks expanded rapidly to reach USD 3.24 trillion by end of 2022 up from USD 1.3 trillion by 2012. The number of full-fledged Islamic banks rose by 36% to 336 in 2022 while conventional banks with Islamic windows or services increased by 84% to 274 in 2022.
How big is Abu Dhabi Islamic bank assets? ›
Total assets as of 31 December 2023 were AED 192.8 billion (2022: AED 168.5 billion).
