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UAE banks record Dhs246.6bn in saving deposits by end of Nov 2022

Saving deposits increased during the first 11 months of 2022 by 1.98 per cent, compared to about Dhs241.82bn at the end of 2021

by Gulf Business

January 30, 2023

Saving deposits in the UAE banking system, excluding interbank deposits, increased to Dhs246.61bn at the end of November last year, according to the state news agency, WAM.

This represents a growth of approximately Dhs7.21bn, or 3 per cent, from about Dhs239.4bn in November 2021, as per statistics shared by the Central Bank of the UAE (CBUAE).

Saving deposits increased during the first 11 months of 2022 by 1.98 per cent, compared to about Dhs241.82bn at the end of 2021, an increase equal to Dhs4.8 billion. On a monthly basis, they grew by 0.06 per cent, compared to about Dhs246.48bn in October 2022, according to the statistics of the apex bank.

Demand deposits increased by Dhs820.83bn, or 82.5 per cent, to Dhs903.36bn at the end of November last year, representing an annual rise of 10.1 per cent, stated the WAM report.

Demand deposits climbed by 6.5 per cent, or the equivalent of Dhs55.3bn, over the first eleven months of last year compared to Dhs848.04bn at the end of 202. They however declined on a monthly basis by 1.7 per cent compared to Dhs918.97bn in October 2022.

Time deposits increased by 17 per cent annually to Dhs599.81bn by the end of last November, up from Dhs513.16bn in November 2021.

Gross bank assets rose in November 2022

In recent news, CBUAE announced that gross banks’ assets, including bankers’ acceptances, increased by 0.7 per cent, rising from Dhs3.615tn at the end of October 2022 to Dhs3.639tn at the end of November 2022. According to figures published in CBUAE’s November summary report on monetary and banking developments, gross credit rose by 0.5 per cent from around Dhs1.878tn at the end of October 2022 to around Dhs1.887tn at the end of November 2022.

According to WAM, Total bank deposits increased by 1.6 per cent, mounting from around Dhs2.204tn at the end of October 2022 to some Dhs2.239tn at the end of November 2022. The growth was due to the rise in resident deposits by 2.5 per cent, overshadowing the reduction in non-resident deposits by 6.2 per cent. The deposits increased owing to 0.6 per cent, 9.8 per cent, 2.0 per cent and 1.3 per cent expansions in government sector deposits, public sector (government-related entities) deposits, private sector deposits and non-banking financial institutions deposits, respectively.

In October, CBUAE said that gross banks’ assets, including bankers’ acceptances, rose by 0.9 per cent, from Dhs3.583tn at the end of September to Dhs3.615tn at the end of October 2022.

Read: Gross bank assets rose to Dhs3.58tn by end of Oct 2022, reveals Central Bank of UAE