UAE banks’ investments at all-time-high by end of November

UAE banks’ investments at all-time-high by end of November

ABU DHABI: Bank investments in the UAE surpassed the AED620 billion mark by the end of November 2023, marking the highest level in their history, according to the latest statistics from the Central Bank of the UAE (CBUAE). The Central Bank's statistics, released in today's banking indicators report, revealed a year-on-year increase of 21.4 percent in the investments of banks operating in the country, reaching AED620.2 billion by the end of November last year. This represents an increase equivalent to AED109.1 billion compared to approximately AED511.1 billion during the same period of 2022. According to the apex bank, monthly investments of banks increased by 3.2 percent, reaching AED601 billion in October last year, with an increase of AED19.2 billion in just one month. Moreover, these investments witnessed a growth of AED93 billion or 17.6 percent during the first 11 months of the previous year, compared to around AED527.4 billion at the end of 2022. Held-to-maturity securities claimed the largest share of bank investments, reaching approximately 48.7 percent, totalling AED302.2 billion at the end of last November. This reflects a monthly increase of 2.93 percent compared to around AED293.7 billion in October. Debt securities accounted for approximately 41.4 percent of the