UAE: Banking sector sees AED 25 billion surge in new savings deposits over 12 months, marking 10 per cent growth

Savings deposits in the UAE's banking sector, excluding interbank deposits, attracted around AED 25 billion to reach AED270.48 billion at the end of January 2024, compared to about AED USD 245.54 billion in January 2023, with an annual growth of 10.2 per cent, according to the latest statistics from the Central Bank of the UAE (CBUAE)

Abu Dhabi [UAE], April 4 (ANI/WAM): Savings deposits in the UAE's banking sector, excluding interbank deposits, attracted around AED 25 billion to reach AED270.48 billion at the end of January 2024, compared to about AED USD 245.54 billion in January 2023, with an annual growth of 10.2 per cent, according to the latest statistics from the Central Bank of the UAE (CBUAE). The local currency, the dirham, accounted for the largest share of savings deposits, about 82 per cent or AED222.01 billion, while the share of foreign currencies amounted to 18 per cent or AED48.4 billion.

Savings Deposits in banks have been on a consistently upward trajectory in recent years, rising from AED 152 billion at the end of 2018 to AED172.2 billion in 2019, and reaching AED 215.2 billion in 2020, AED241.8 billion in 2021, and AED245.8 billion in 2022. The Demand Deposits increased to AED1.001 trillion at the end of January 2024, with an annual growth rate of 9.5 pe cent compared to AED914.74 billion in January 2023, an increase equivalent to AED86.6 billion.

Demand Deposits total comprised AED720.55 billion in the local currency, the dirham, accounting for 72 per cent, and around AED280.8 billion in foreign currencies, accounting for 28 per cent. Demand Deposits continued to grow in recent years, rising from AED577.6 billion at the end of 2018 to AED599.6 billion at the end of 2019, AED696.8 billion at the end of 2020, AED848 billion in 2021, and AED907.3 billion in 2022.

According to the Central Bank's bulletin, Time Deposits reached AED796.9 billion at the end of January 2024, with a 30.3 per cent annual increase compared to about AED611.69 billion in January 2023, an increase of AED185.2 billion. The local currency, the dirham, accounted for the largest share of time deposits, about 60 per cent or AED474.88 billion, while the share of foreign currencies amounted to about 40 per cent or AED322.04 billion. (ANI/WAM)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)