UAE: Bank savings above Dh20 million make up 59% of deposits in 2022

All in all, banks in the country held Dh2.222 trillion in deposits until the end of the year

By Wam

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Reuters file photo
Reuters file photo

Published: Sat 11 Mar 2023, 4:29 PM

Large deposits — greater than Dh20 million — made up nearly 60 per cent of deposits in UAE banks until the end of 2022, data from the country's Central Bank revealed. All in all, the banks held Dh2.222 trillion in deposits.

Deposits that crossed the Dh20-million mark surged to Dh1.31 trillion by the end of December 2022, a growth of 11.4 per cent from roughly Dh1.175 trillion by the end of December 2021.

Deposit accounts of more than Dh5 million up to Dh20 million accounted for roughly Dh269.24 billion — or 12.1 per cent of the total — an 11 per cent increase from Dh242.46 billion in December 2021.

Those from Dh1 million up to Dh5 million made up roughly 13 per cent, deposits of more than Dh500,000 up to Dh1 million totalled Dh108.5 billion, or 4.9 per cent of the total.

Deposits between Dh250,000 and Dh500,000 totalled Dh84.26 billion, down from Dh87.4 billion in December 2021.

Those of up to Dh250,000 amounted to about 7.2 per cent or the equivalent of Dh160.8 billion at the end of last December, an increase of 11.3 per cent compared to about Dh144.47 billion in December 2021.

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