Banks' capital exceeds Dh200bn for first time

A drive by UAE banks to bolster their financial position has allied with government funding to boost their combined capital to more than Dh200 billion for the first time, official figures showed yesterday.

The assets of the country's 24 national banks and 28 foreign units also approached Dh1.5 trillion for the first time to maintain the UAE's position as having the largest banking sector in the Middle East.

The UAE Central Bank figures showed the banks have largely recovered from the global financial turmoil as deposits gained nearly Dh67 billion although loans figures showed they are still adopting a cautious lending policy.