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Dh13.8 billion in new savings deposits in UAE banking sector during Q1-24

Savings deposits reached Dh286.67 billion at the end of March

Savings deposits in the UAE’s banking sector, excluding interbank deposits, attracted about Dh13.8 billion during the first quarter of this year, according to the latest statistics from the Central Bank of the UAE.

The apex bank’s statistics showed that savings deposits in the banking sector reached Dh286.67 billion at the end of March 2024, an increase of 8.9 per cent or the equivalent of Dh23.5 billion on an annual basis compared to about Dh263.14 billion in March 2020.

Savings deposits at the end of March 2024 increased by three per cent on a monthly basis or the equivalent of Dh8.3 billion, compared to about Dh278.37 billion in February. They also increased by 5.1 per cent during the first quarter of this year, compared to about Dh272.8 billion at the end of 2023.

Demand deposits rose to Dh1.056 trillion at the end of last March, with an annual growth of 15.02 per cent, compared to Dh918.9 billion in March 2023, an increase equivalent to Dh138 billion. They increased on a monthly basis by 0.09 per cent, or the equivalent of Dh1 billion, compared to about Dh1.05 trillion in the previous February. They also increased during the first quarter of this year by about Dh37.5 billion or 3.7 per cent compared to Dh1.019 trillion at the end of last year.

The demand deposits were distributed as follows: Dh757.78 billion in UAE dirhams, accounting for 71.7 per cent, and about Dh299.2 billion in foreign currencies, accounting for 28.3 per cent.

The demand deposits have continued to grow over the past years, rising from Dh577.6 billion at the end of 2018 to Dh599.6 billion at the end of 2019, Dh696.8 billion at the end of 2020, Dh848 billion in 2021, and Dh907.3 billion in 2022.

According to the Central Bank’s bulletin, time deposits reached Dh840.1 billion at the end of last March, with an annual increase of about 27.4 per cent compared to about Dh659.6 billion in March 2023, an increase equivalent to Dh180.5 billion.

The UAE dirham accounted for the largest share of time deposits at about 57.5 per cent or Dh483 billion, while the share of foreign currencies was about 42.5 per cent or Dh357.1 billion.