Savings deposits in the UAE's banking sector, excluding interbank deposits, saw a substantial increase of AED 13.8 billion during the first quarter of 2024, according to the latest data from the Central Bank of the UAE (CBUAE).
The CBUAE reported that savings deposits in the banking sector reached AED 286.67 billion by the end of March 2024. This represents an 8.9% increase, equivalent to AED 23.5 billion, compared to AED 263.14 billion in March 2023.
On a monthly basis, savings deposits increased by 3%, or AED 8.3 billion, from AED 278.37 billion in February 2024. During the first quarter of 2024, savings deposits grew by 5.1% compared to AED 272.8 billion at the end of 2023.
The statistics also highlighted a significant rise in demand deposits, which reached AED 1.056 trillion by the end of March 2024. This marks a 15.02% annual growth, up AED 138 billion from AED 918.9 billion in March 2023. Monthly, demand deposits grew by 0.09%, or AED 1 billion, from AED 1.05 trillion in February 2024. Over the first quarter, demand deposits increased by AED 37.5 billion, or 3.7%, from AED 1.019 trillion at the end of 2023.
Demand deposits were distributed as follows: AED 757.78 billion in local currency (71.7%) and AED 299.2 billion in foreign currencies (28.3%). This trend of growth in demand deposits has been consistent over the past few years, rising from AED 577.6 billion at the end of 2018 to AED 907.3 billion by the end of 2022.
Additionally, the CBUAE bulletin reported that time deposits reached AED 840.1 billion at the end of March 2024, marking a 27.4% annual increase from AED 659.6 billion in March 2023, an equivalent rise of AED 180.5 billion. The local currency, the dirham, made up the majority of time deposits at 57.5% (AED 483 billion), while foreign currencies accounted for 42.5% (AED 357.1 billion).
These figures underscore the robust growth and stability of the UAE's banking sector, reflecting increased consumer confidence and economic resilience.
News Source: Emirates News Agency
