Kuwait's credit growth accelerated to 5.7% year-on-year in April, said a recent report compiled by National Bank of Kuwait (NBK).

Lending went up slightly by KWD 44 million during April thanks to a large drop in credit extended for securities purchases.

Other credit segments saw robust growth, including households, business activity and the non-bank financial sector, while the oil & gas sector was a key source of growth in April.

Meanwhile, dividend payments continued to prop up deposits during the month, pushing forward growth of M2 – a broad money classification, which includes highly-liquid assets.

In April interbank rates climbed and deposit rates were stable, added the report.

Household borrowing saw a relatively strong month, adding KWD 96 million, while Non-bank financials recorded credit gaining of KWD 15 million.