UAE News Today : Business

UAE banks’ investments hit record high in late August


Investments by UAE banks exceeded AED 580 billion, reaching a record high in August 2023, according to the UAE Central Bank.

Investment grew 19.5 percent year-on-year to reach AED 585.4 billion at the end of August 2023, up AED 95.6 billion from AED 489.8 billion in August 2022.

The CBUAE in its banking indicators report released today, said banks’ investments increased by 1.02 percent month-on-month to AED 585.4 billion in August 2023, AED 5.9 billion more than AED 579.5 billion in July 2023. Investments by banks also increased by AED 58 billion or 11 percent so far this year compared to AED 527.4 billion at the end of 2022. .

Held-to-maturity bonds accounted for the largest proportion of bank investments at 47 percent, reaching AED 276 billion at the end of August 2023, up 3.4 percent month-on-month from AED 266.8 billion in July of 2023.

Banks’ investments in debt bonds accounted for 42.1 percent of total investments, totaling AED 246.5 billion at the end of July 2023, up 0.16 percent from AED 246.1 billion in August 2022.

Banks’ investments in equities rose 0.8 percent month-on-month to AED 12.6 billion at the end of August 2023, and are up 6.8 percent year-to-date compared to AED 11.8 billion. AED in December 2022.

Investments by other banks totaled AED 50.3 billion at the end of August 2023, up 12.5 percent from AED 44.7 billion in August 2022.

In particular, bank investments do not include the bank’s deposits with the Central Bank, such as certificates of deposit and cash bills.

News source: Emirates News Agency


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