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Kuwaiti banks grant KWD 38.2bn loans in November 2019 – KFH

Kuwaiti banks grant KWD 38.2bn loans in November 2019 – KFH
Deposits grew by 1.5% YoY in November 2019

Mubasher: The credit facilities provided by the Kuwaiti banking sector increased by 4.7% year-on-year (YoY) in November 2019, registering KWD 38.2 billion from KWD 36.5 billion.

Meanwhile, deposits grew by 1.5% YoY in November 2019, according to a recent report by Kuwait Finance House (KFH) highlighting data by the Central Bank of Kuwait (CBK).

Month-on-month (MoM), total credit facilities inched down by 0.3% in November last year, compared to October when it totalled KWD 38.3 billion. 

In November 2019, personal credit facilities registered the highest annual rise of KWD 810 million or 10.2% YoY to KWD 16.3 billion. The credit facilities granted to both the real estate and construction sectors grew by KWD 732 million or 7.3% YoY, approaching KWD 10.8 billion.

In the meantime, KFH noted that the other sectors added KWD 253 million, up by 9.5% YoY, to KWD 2.9 billion (representing 7.6% of total loans).

The loans granted in the industry sector, moreover, soared by KWD 31 million or 1.5% YoY, topping KWD 2.1 billion which represents 5.3% of the total credit facilities value. 

Furthermore, the credit facilities provided to the agriculture and fishing sector remarkably surged by 20.5% YoY or KWD 3.5 million.

On the contrary, loans allocated to the trade as well as the crude oil and gas sectors shrank YoY by KWD 129 million and KWD 5.1 million or 3.8% and 0.3%, respectively.

Similarly, non-bank financial institutions and public services sectors received lower credit facilities by 0.3% and 1.7% or KWD 3.3 million and KWD 2 million, respectively.       

Translated by: Amal A. Wahaab