UAE Banks Attract $14.7 Billion in New 3-Month Deposits in First Five Months of 2024

UAE, 26 August, 2024 : UAE banks saw a surge in 3-month deposits, attracting AED54 billion ($14.7 billion) in the first five months of 2024, according to the Central Bank of the UAE (CBUAE). Total 3-month deposits reached AED659.01 billion by the end of May, up 8.9% from AED604.99 billion in December 2023. National banks held 90.9% of these deposits, while foreign banks accounted for 9.1%.

Growth in Term Deposits

Term deposits rose by AED18.1 billion to reach AED227.71 billion by May, reflecting an 8.6% increase. National banks accounted for 89.9% of these deposits, with foreign banks holding the remaining 10.1%.

Deposits with terms of 6 to 12 months grew by AED15.2 billion, reaching AED275.89 billion, a 6% increase from December 2023. National banks held 92.2% of these deposits.

Long-Term Deposits

Deposits over 12 months recorded AED44.48 billion by the end of May, a slight increase of 0.52%. National banks dominated this segment with 94.1% of the deposits.

Overall, the growth in deposits highlights the confidence in UAE banks, with a significant share held by national institutions.

Source : www.zawya.com