The Banking The Banking Executive Magazine - June 2024 Issue

UAE Banks Savings deposits in the UAE's bank- ing sector, excluding interbank de- posits, attracted about AED13.8 billion ($3.7 billion) during the first quarter, according to data from the Central Bank of UAE (CBUAE). The apex bank's statistics showed that savings deposits in the banking sector reached AED286.67 billion at the end of March, up 8.9% or the equivalent of AED23.5 billion on an annual basis compared to about AED263.14 billion in March 2020, it stated. Savings deposits at the end of March increased on a monthly basis by 3% or the equivalent of AED8.3 billion, compared to about AED278.37 bil- lion in February. They also increased during the first quarter of this year by 5.1% com- pared to about AED272.8 billion at the end of 2023, it added. The statistics indicated that demand deposits rose to AED1.056 trillion at the end of last March, with an annual growth of 15.02% compared to AED 918.9 billion in March 2023, an in- crease equivalent to AED138 billion. According to CBUAE data, the de- mand deposits increased on a monthly basis by 0.09%, or the equivalent of AED1 billion, com- pared to about AED1.05 trillion in the previous February. They also rose during the first quarter of this year by about AED37.5 billion or 3.7% compared to AED1.019 tril- lion at the end of last year. The Demand Deposits were distrib- uted as follows: AED757.78 billion in local currency 'dirham,' account- ing for 71.7%, and about AED299.2 billion in foreign currencies, ac- counting for 28.3%, reported Wam. They continued to grow over the past years, rising from AED 577.6 billion at the end of 2018 to AED 599.6 bil- lion at the end of 2019, AED 696.8 billion at the end of 2020, AED 848 billion in 2021, and AED 907.3 bil- lion in 2022. According to the Central Bank's bul- letin, Time Deposits reached AED 840.1 billion at the end of last March, with an annual increase of about 27.4% compared to about AED 659.6 billion in March 2023, an increase equivalent to AED 180.5 billion. The dirham, accounted for the largest share of time deposits at about 57.5% or AED483 billion, while the share of foreign currencies was about 42.5% or AED357.1 billion. the BANKING EXECUTIVE 42 ISSUE 186 JUNE 2024 UAE BANKS' SAVINGS DEPOSITS IN Q1 SURGES 5% TO $78BLN