Arab News, Tuesday, Mar 16, 2021 | Shaaban 2, 1442
UAE banks’ individual deposits hit $3.5bn in Q4 2020
Emirates: Individual deposits in UAE banks
continued to rise in the last quarter of 2020, despite a raft of economic
challenges created by the pandemic, WAM reported, citing data from the country’s
central bank.
UAE banks recorded 13 billion dirhams ($3.5 billion) in individual deposits
during the fourth quarter of last year – upping the cumulative balance of
deposits to 493.9 billion dirhams.
The central bank said these deposits account for 26.2 percent of the total
balance of this type of investment, which stood at 1.89 trillion dirhams by the
end of 2020.
The data comes as banks in the region emerge from a global health crisis with
many businesses and individual borrowers struggling to repay loans.