Total assets of UAE banks grew by 13.1 per cent to Dh2,025 billion in 2013 compared to Dh1,791.6 billion in 2012, enabling the country’s banking sector to remain the largest in the Arab world in terms of assets, Emirates 24/7 reported.

Total deposits increased from Dh1,167.8 billion in 2012 to Dh1,278.9 billion in 2013, according to a statement of UAE Banks Federation.

The board of directors of the federation, a professional representative body representing 49 member banks operating in the UAE, met in Dubai to approve its annual report for 2013 and to review progress on the organisation's plan for 2014.

The board also approved the financial statements and auditors' report for 2013, as well as the estimated budget and auditors' nomination for2014.

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 and instituting the regulations for appointing banking experts.