UAE-based banks attracted new ‘3-month’ deposits worth over AED54 billion ($14.7 billion) during the first five months of this year, according to the latest statistics from the Central Bank of the UAE (CBUAE).

 

The statistics showed that deposits in banks for three months recorded about AED659.01 billion at the end of May 2024 compared to AED604.99 billion in December 2023, a growth of 8.9%, a WAM report said.

 

National banks accounted for 90.9% of three-month deposits, or AED598.9 billion, while foreign banks accounted for 9.1%, or AED60.02 billion.

 

Term deposits

UAE-based banks attracted AED18.1 billion in term deposits during the first five months to reach AED227.71 billion at the end of May, up from AED205.4 billion at the end of 2023, a growth of 8.6%.

 

National banks accounted for 89.9% of term deposits, worth AED204.8 billion, while foreign banks accounted for AED22.8 billion, equivalent to 10.1%.

 

Term deposits of more than six months to 12 months attracted about AED15.2 billion during the first five months of this year to reach about AED275.89 billion at the end of May, compared to about AED260.6 billion in December 2023, an increase of about 6%.

 

National banks

National banks accounted for 92.2% of term deposits, equivalent to more than AED254.4 billion, while foreign banks accounted for 7.8%, equivalent to AED21.42 billion.

 

Term deposits of more than 12 months recorded AED44.48 billion at the end of May, up by 0.52% or AED230 million compared to AED44.25 billion in December 2023.

 

National banks accounted for 94.1%, or AED 41.8 billion, of deposits over 12 months, while foreign banks accounted for 5.9%, or AED2.63 billion.--TradeArabia News Service