Mubasher: The bank lending in Kuwait increased by 5.2% year-on-year in March, registering the highest growth in more than two years and a half, Kuwait Finance House (KFH) said in a report, citing the Central Bank of Kuwait’s (CBK) latest data.

The increase in March bank credit was attributed to a rise in loans provided for most of the business sectors, capped by the real estate sector, the CBK’s data showed.

Total loans provided by banks operating in the GCC nation grew to more than KWD 37.4 billion in March, up 5.2% year-on-year from KWD 35 billion.

Individuals’ loans increased by KWD 742 million, or 4.9%, to KWD 15.9 billion, recording the highest annual rise, the report found.

Credit facilities granted to the real estate and construction sectors rose KWD 503 million, or 5.1%, to KWD 10.4 billion, while bank loans secured by the oil and gas sector levelled up 22.2%, or KWD 303 million, to around KWD 1.7 billion.

Bank lending for other sectors went up 6.6%, or KWD 171 million, to as much as KWD 2.7 billion in March.

Facilities for the commercial, industrial, agriculture, and fishery sectors increased by KWD 130 million, KWD 62 million, and KWD 5 million, respectively, during the third month of 2019.

On the other hand, loans for non-bank institutions decreased by KWD 53 million, or 4.4%, to KWD 1.1 billion, while bank lending for the public sector fell around KWD 10 million to KWD 115 million.

On a monthly basis, Kuwait’s bank lending inched up 0.8% from KWD 37.1 million in February.