UAE Banking Sector Reaches AED286.67 Billion in Deposits by March 2024
By the end of the first quarter of 2024, the country’s banking sector has grown deposits by AED 37.5 billion since 2023.
During the first quarter of this year, savings deposits in the UAE's banking sector, grew by AED 13.8 billion ($3.8 billion), according to the Central Bank of the UAE. By the end of March 2024, savings deposits reached AED 286.67 billion, marking an annual increase of 8.9%. On a monthly basis, savings deposits rose by 3% (AED 8.3) billion, and they increased by 5.1% during the first quarter of the year compared to the end of 2023.
Demand deposits, commonly referred to as “checkbook money”, also experienced growth, reaching AED 1.056 trillion by the end of March, with an annual increase of 15.02% (AED 138 billion compared to March 2023). Monthly, demand deposits increased by 0.09% or AED1 billion, with a majority being in local currency. In fact, 71.7% of demand deposits (AED757.78 billion) were in local currency, while only AED 299.2 billion were in foreign currencies.
In addition, time deposits reached AED 840.1 billion at the end of March, showing an annual increase of about 27.4% compared to March 2023. Similarly, local currency made up the majority of time deposits at approximately 57.5%.
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