Dubai: The aggregate assets of banks operating in the UAE surged 13.1 per cent to Dh2.02 trillion in 2013 compared to Dh1.79 trillion in 2012, according to the Board of Directors of the UAE Banks Federation.
The Board of the UAE Banks Federation, a professional representative body representing 49-member banks operating in the UAE, met in Dubai and reviewed its performance.
At the current level, the UAE banking sector is largest in the Arab world in terms of assets. Last year, the UAE banks’ total deposits increased to Dh1.27 trillion from Dh1.16 trillion 2012.
The Board of the UAE Banks Federation approved its Financial Statements and Auditors’ Report for 2013, as well as the estimated budget and auditors’ nomination for 2014.
During the meeting, the Board reviewed the major achievements of the past year which include initiating and launching the Code of Conduct, organising the Federation’s first annual event, the Middle East Banking Forum, and the significant role the Federation has played on different subjects such as the Mortgage Loans Cap, Liquidity Regulation of Banks, Monitoring of Large Exposure Limits, the establishment of Al Etihad Credit Bureau, instituting the regulations for appointing Banking Experts.
The Federation’s annual report highlights key economic and banking developments for the year which reflect a strong performance and growth across almost all indicators, resulting in comfortable liquidity, strong capital base and high capital adequacy ratio in the industry as a whole.
The Board reviewed the Federation’s Plan for 2014, which aims to boost cooperation, coordination and consultation with the Central Bank and all bank members, Ministries and other Government Entities on all issues related to the banking sector, as well to promote Emiratisation in the banking sector and develop cooperation and harmony among the member banks to perform their role in economic development, social responsibility and customers protection.
