AED246.6 bn saving deposits in UAE banks by end of November 2022

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At the end of November of last year, saving deposits in the UAE banking system, excluding interbank deposits, increased to AED246.61 billion, a growth of approximately AED7.21 billion, or 3 percent, from about AED239.4 billion in November 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 compared to AED918.97 billion in October 2022.

Time deposits increased by 17 percent annually to AED599.81 billion by the end of last November, up from AED513.16 billion in November 2021.