UAE bank deposits grow by 12.6%, highest since 2015

Total deposits in the UAE’s banking system grew 12.6 per cent year-on-year at the end of September, the highest growth rate since February 2015, the Central Bank said.

Residents’ deposits grew 15.3 per cent for the period, the Central Bank said in its latest report.

During this period, the ratio of loans to deposits improved to the lowest level in seven years, the report added, indicating ample credit capacity.

The report also highlighted a continuation of strong credit appetite, led by robust growth in demand for business and household loans.

The credit sentiment reflects the strong recovery of the UAE economy supported by financial institutions’ willingness to satisfy the increased demand for business and consumer loans.

The sustainable capital levels and strong appetite for financing point to the strong health of the country’s banking system, the report added.