By Desmond Nleya
Banks in UAE recorded over AED 54 Billion in deposits in First Five Months of 2024 according to the Central Bank of the UAE (CBUAE). Total three-month deposits reached approximately AED 659.01 billion by the end of May, reflecting an 8.9% growth since December 2023.
National banks led the way, holding 90.9% of these deposits (AED 598.9 billion), while foreign banks held the remaining 9.1% (AED 60.02 billion). Additionally, term deposits increased by AED 18.1 billion, reaching AED 227.71 billion by May, an 8.6% rise from the previous year.
Deposits for six to twelve months grew by 6%, totaling AED 275.89 billion, with national banks holding 92.2% of this amount. Deposits exceeding 12 months saw a modest increase of 0.52%, reaching AED 44.48 billion, with national banks accounting for 94.1% of the total.
These figures highlight the growing confidence in UAE-based banks and their continued dominance in attracting deposits across various terms.
News Source: Emirates News Agency
