UAE banks held deposits of over AED1.31 trillion in accounts with balances exceeding AED20 million until December 2022

Large deposits (greater than AED20 million) made up 59% the total deposits held by the banks based in the UAE that totalled AED2.222 trillion until the end of 2022, data from the Central Bank of the UAE revealed.

Deposits of greater than AED20 million surged to AED1.31 trillion by the end of December, a growth of 11.4% from roughly AED1.175 trillion by the end of December 2021.

Deposit accounts of more than AED5 million up to AED20 million accounted for roughly AED269.24 billion, or 12.1% of all deposits, an 11% increase from AED242.46 billion in December 2021.

Deposits from AED1.00 million up to AED5.00 million made up roughly 13% of the total at the end of last December, up 15.2% from AED250.63 billion in December 2021.

Deposits of more than AED500,000 and up to AED1 million totalled AED108.5 billion, or 4.9% of all deposits, a rise of 13.5% from approximately AED95.6 billion in December 2021.

Deposits between AED250.000 to AED500,000 totalled AED84.26 billion, down from AED87.4 billion in December 2021.
Deposits of up to AED250,000 amounted to about 7.2% or the equivalent of AED160.8 billion at the end of last December, an increase of 11.3% compared to about AED144.47 billion in December 2021.

News Source: Emirates News Agency