UAE banks are pushing ahead with a drive to increase their capital to meet a fresh ruling by the Central Bank to raise their adequacy to at least 11 per cent by the end of June, according to official figures.
Although the combined capital adequacy of the country's 24 national banks and 28 foreign units is already far above the Central Bank's limit, banks are steadily expanding shareholders' equity, which comprises their capital and reserves, according to figures released by the Central Bank.
In nearly seven months, the banks' collective capital and reserves shot up by Dh26 billion and bankers expect the level to continue rising in the next months despite slower growth in net profits by most banks.
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