Deposits in UAE banks recorded a remarkable growth of 8.9% during the first five months of 2024, with total new deposits exceeding AED 54 billion.
Banks operating in United Arab Emirates In attracting new deposits during the first five months of this year, reflecting customer confidence and the stability of the banking sector in the country.
According to the latest statistics Central Bank of the UAE, Time deposits of all categories witnessed remarkable growth, with total new deposits exceeding AED 54 billion.
3-month deposits grow by 8.9% in UAE banks
Statistics showed that 3-month term deposits recorded about AED 659.01 billion at the end of May 2024, compared to about AED 604.99 billion in December 2023, representing a growth of 8.9%.
National banks accounted for about 90.9% of these deposits, equivalent to 598.9 billion dirhams, while foreign banks accounted for about 9.1%, worth 60.02 billion dirhams.
Increase in term deposits “more than 3 months and up to 6 months”
During the same period, banks attracted term deposits “more than 3 months and up to 6 months” worth AED 18.1 billion, bringing the total balance of these deposits to AED 227.71 billion at the end of May 2024, compared to AED 205.4 billion at the end of 2023, a growth of 8.6%.
The share of national banks in these deposits amounted to about 89.9%, equivalent to 204.8 billion dirhams, while foreign banks received 10.1% of the deposits, worth 22.8 billion dirhams.
Increase in term deposits “more than 6 months and up to 12 months”
Term deposits (more than six months and up to 12 months) also witnessed an increase of AED 15.2 billion, bringing the total of these deposits to AED 275.89 billion at the end of last May, compared to AED 260.6 billion in December 2023, a growth of 6%.
National banks received the largest share of these deposits, at 92.2%, equivalent to more than 254.4 billion dirhams, while foreign banks’ share amounted to 7.8%, equivalent to 21.42 billion dirhams.
Stability of deposits for a period of more than 12 months
As for term deposits “more than 12 months”, they recorded a slight increase of 0.52% or the equivalent of AED 230 million, bringing the total of these deposits to AED 44.48 billion at the end of May 2024, compared to AED 44.25 billion in December 2023.
National banks accounted for 94.1% of these deposits, equivalent to 41.8 billion dirhams, while foreign banks accounted for 5.9%, worth 2.63 billion dirhams.
