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Kuwait’s bank deposits grow 2.3% YoY in February – C.bank

Kuwait’s bank deposits grow 2.3% YoY in February – C.bank
Kuwait’s bank credit increased by 5.3% to as much as KWD 37.1 billion in February
KFH
KFH
-2.18% 763.00 -17.00

Mubasher: Deposits at banks operating in Kuwait rose 2.3% year-on-year, or KWD 972.1 million, to KWD 42.8 billion in February, Kuwait Finance House (KFH) reported, citing data from the Central Bank of Kuwait (CBK).

Kuwait’s bank credit increased by 5.3% to as much as KWD 37.1 billion in February.

Private sector deposits, including local- and foreign-currency deposits, levelled up 4.7%, or KWD 1.7 billion, to KWD 36.9 billion in the second month of 2019, against KWD 35.2 billion in the prior-year period.

Year-on-year, demand deposits inched down 1% to KWD 8.4 billion, while saving deposits rose 2.5%, or KWD 124.7 million, to KWD 5.1 billion by the end of February.

Private sector deposits in domestic currency went up 5.2%, reaching KWD 34.2 billion, while foreign-currency deposits fell 1.2% to KWD 2.71 billion.

Government sector deposits fell 10.4% year-on-year to KWD 5.9 billion in February.

On a monthly basis, the GCC nation’s bank deposits decreased by 1.4%, or KWD 20.3 million, from January.