The Banking Executive Magazine - February 2023 Issue

Saving Deposits $67.19BLN SAVING DEPOSITS IN UAE BANKS BY END OF NOVEMBER 2022 At the end of November of last year, saving deposits in the UAE banking system, excluding interbank de- posits, increased to AED246.61 bil- lion, a growth of approximately AED7.21 billion, or 3 percent, from about AED239.4 billion in Novem- ber 2021, statistics by the Central Bank of the UAE, revealed. Saving deposits increased during the first eleven months of 2022 by 1.98 percent, compared to about AED241.82 billion at the end of 2021, an increase equal to AED4.8 billion. On a monthly basis, they grew by 0.06 percent, compared to about AED246.48 billion in October 2022, according to the statistics of the apex bank. Demand deposits increased by AED820.83 billion, or 82.5 percent, to AED903.36 billion at the end of November last year, representing an annual rise of 10.1 percent. Demand deposits climbed by 6.5 percent, or the equivalent of AED55.3 billion, over the first eleven months of last year compared to AED848.04 billion at the end of 202. They however declined on a monthly basis by 1.7 percent com- pared to AED918.97 billion in Octo- ber 2022. Time deposits increased by 17 per- cent annually to AED599.81 billion by the end of last November, up from AED513.16 billion in November 2021. the BANKING EXECUTIVE 42 ISSUE 170 FEBRUARY 2023