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Deposit movements dropped KD 3.5 billion in 2024: KD 2.69 billion in up-to-one-month deposits, KD 633.3 million in three-to-six-month deposits, and KD 183.2 million in nine-to-12-month deposits.
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Deposits with other terms rose KD 3.47 billion in the first five months, led by six-to-nine-month deposits (KD 1.67 billion), one-to-three-month deposits (KD 911.9 million), and demand deposits (KD 424.4 million).
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On-demand deposits were 20.6% of the total at KD 13.3 billion, while deposits with terms of up to three months were 17.46% at KD 11.24 billion by the end of May.
The total value of term deposit balances for resident and non-resident customers, in both dinars and foreign currencies, held by local banks and their branches in Kuwait, amounted to KD 64.39 billion as of the end of May, according to official data reviewed by Al-Anba newspaper.
Deposit movements according to their term showed a decrease of KD 3.5 billion across three segments since the beginning of the year: KD 2.69 billion in deposits with terms up to one month, KD 633.3 million in deposits with terms from more than three months to six months, and KD 183.2 million in deposits with terms from more than nine months to one year.
Additionally, deposits with other terms increased by KD 3.47 billion during the first five months of the year. The largest increase was in deposits with terms from more than six to nine months, which rose by KD 1.67 billion, followed by deposits with terms from one to three months, which increased by KD 911.9 million, and demand deposits, which grew by KD 424.4 million.
On-demand deposits
The data showed that on-demand deposits represented 20.6% of the total, amounting to KD 13.3 billion by the end of May.
Since the beginning of 2024, on-demand deposits have increased by 3.29%, rising by KD 424.4 million from KD 12.89 billion at the end of December. However, on an annual basis, they have decreased by 4.27%, down by KD 594.4 million from KD 13.9 billion in May 2023.
Deposits with a maturity of up to one month accounted for 28.88% of total deposits, totaling KD 18.6 billion by the end of May.
Since the beginning of 2024, these deposits have decreased by 12.6%, amounting to KD 2.69 billion, down from KD 21.29 billion at the end of December 2023. On an annual basis, they have increased by 7.39%, rising by KD 1.28 billion from KD 17.3 billion at the end of May 2023.
For deposits with terms of more than one month but up to three months, their share was 17.46% of total deposits, amounting to KD 11.24 billion by the end of May.
The balance of these deposits increased by 8.8% since the beginning of the year, rising by KD 911.9 million from KD 10.33 billion at the end of December. However, on an annual basis, it declined by 3.9%, down by KD 464.1 million from KD 11.7 billion at the end of May 2023.
For deposits with terms of more than three months but up to six months, they accounted for 9.6% of total deposits, amounting to KD 6.18 billion by the end of May.
The balance of these deposits decreased by 9.28%—amounting to KD 633.3 million—during the first five months of this year, down from KD 6.8 billion at the end of December. However, on an annual basis, the balance increased by 24%, rising by KD 1.19 billion from KD 4.98 billion at the end of May 2023.
From six to nine months
Term deposits with maturities of more than six to nine months accounted for 6.37% of the total term deposit balances, amounting to KD 4.1 billion.
The balance of this segment of deposits increased by 69.3% during the first five months of this year, rising by KD 1.67 billion from KD 2.42 billion at the end of December. On an annual basis, it increased by 12.5%, up by KD 456.5 million from KD 3.64 billion at the end of May 2023.
From nine months to one year
Term deposits with maturities of nine months to one year accounted for 4.7% of total term deposits, amounting to KD 3.03 billion by the end of May.
These deposits saw a 5.68% decline since the beginning of the year, decreasing by KD 183.2 million from KD 3.22 billion at the end of December 2023. On an annual basis, they fell by 6.7%, down by KD 218.3 million from KD 3.25 billion at the end of May 2023.
From one year to three years
Term deposits with maturities of more than one year and up to three years accounted for 5.7% of total deposit balances, amounting to KD 3.68 billion by the end of May.
The balance of these deposits increased by 12.9% since the beginning of the year, rising by KD 422.4 million from KD 3.26 billion at the end of December 2023. However, on an annual basis, it decreased by 4.68%, down by KD 181.1 million from KD 3.86 billion at the end of May 2023.
More than three years
Deposits with terms of more than three years accounted for 6.5% of total deposits, amounting to KD 4.2 billion at the end of May.
These deposits increased by 0.8% since the beginning of this year, rising by KD 36.9 million from KD 4.17 billion at the end of December 2023. However, they decreased by 1.9% year-over-year, falling by KD 83 million from KD 4.29 billion at the end of May 2023.
