he banking sector in the United Arab Emirates continued its upward trajectory in February, with total banking assets — including certificates of deposit — climbing to AED 4.63 trillion ($1.26 trillion), marking a 1.6% increase compared to the previous month. This data was released by the UAE Central Bank on Wednesday.

According to the Central Bank’s report, total credit expanded by 0.9% to reach AED 2.186 trillion at the end of February. This growth was driven by a rise in domestic credit, which added AED 1.7 billion, alongside a significant increase in foreign credit amounting to AED 17.1 billion.

Breaking it down further, domestic credit growth was largely supported by a 0.7% rise in loans to the private sector and a notable 5.2% increase in credit extended to non-banking institutions.

On the deposit side, total bank deposits grew by 1.2% month-on-month, reaching AED 2.87 trillion by the end of February.

The Central Bank also highlighted a 3.1% rise in the monetary base, which reached AED 816.6 billion. This increase was backed by a 3.4% rise in issued currency and a substantial 11.4% jump in banks’ and financial institutions’ current accounts and overnight deposits held with the Central Bank.

These figures reflect the continued resilience and expansion of the UAE banking sector, buoyed by both domestic economic activity and robust international financial flows.