AED 54 billion in new 3-month deposits in state banks

Banks operating in the country attracted new three-month deposits worth more than AED 54 billion during the first five months of this year, according to the latest statistics from the Central Bank.

Statistics showed that three-month deposits in banks amounted to about 659.01 billion dirhams at the end of last May, compared to about 604.99 billion dirhams in December 2023, an increase of 8.9%.

National banks accounted for about 90.9% of three-month deposits, or 598.9 billion dirhams, while foreign banks accounted for about 9.1%, or 60.02 billion dirhams.

Banks operating in the country also attracted deposits for a period of more than three months and up to six months, worth AED 18.1 billion during the first five months of 2024, bringing their balance to AED 227.71 billion at the end of last May, up from AED 205.4 billion at the end of 2023, with a growth of 8.6%.

The share of national banks in deposits for a period of more than three months and up to six months amounted to about 89.9%, with a value of 204.8 billion dirhams, while the share of foreign banks amounted to about 22.8 billion dirhams, equivalent to 10.1%.

Deposits for more than six months and up to 12 months attracted about 15.2 billion dirhams during the first five months of this year, recording about 275.89 billion dirhams at the end of last May, compared to about 260.6 billion dirhams in December 2023, an increase of nearly 6%.

National banks obtained a share of deposits for a period of more than six months and up to 12 months, amounting to about 92.2%, equivalent to more than 254.4 billion dirhams, while the share of foreign banks amounted to about 7.8%, equivalent to 21.42 billion dirhams.

Deposits for more than 12 months amounted to about AED 44.48 billion at the end of last May, increasing by 0.52% or AED 230 million compared to about AED 44.25 billion in December 2023.

The share of national banks in deposits for more than 12 months reached about 94.1%, or the equivalent of 41.8 billion dirhams, while the share of foreign banks reached 5.9%, or 2.63 billion dirhams.