Bank investments in UAE hit AED541 billion by the end of February, the highest level in the country's history, a report by the Central Bank of the United Arab Emirates revealed.
The report, issued today, showed a YoY growth of 15.2% to AED541.1 billion during the reference period, compared to about AED470.1 billion in February 2022.
These investments climbed by 1% in January 2023 to AED536.2 billion in February of the same year.
Securities accounted for the majority of bank investments, around 46%, or AED 248.9 billion during the reference period.
Held-to-maturity (HTM) securities accounted for 42.5% of the total investments, reaching AED230.3 billion, a YoY growth of 93.53% from AED119 billion in February 2022, and a 4.7% monthly increase from AED220 million in January 2023.
The bank stock investments reached AED12 billion in February, a rise of approximately 1.7% on a monthly basis from around AED11.8 billion in January 2023, and a YoY drop of about 29.4% from AED17 billion over the same month last year.
News Source: Emirates News Agency