Kuwaiti banks disburse KD 1.8 billion in loans in first seven months of 2024
The 3.4% increase in loans brought the total credit granted in Kuwait to KD 55.37 billion by the end of July, up from KD 53.55 billion at the end of December 2023.
• Consumer loans in Kuwait rose by 3% to KD 2.03 billion by July 2024, up from KD 1.97 billion at the end of December 2023.
• Housing loans reached KD 16.24 billion by July-end, a rise of KD 230 million, or 1.42%, compared to KD 16.01 billion at the end of December 2023.
• The total balance of personal loans at the end of July reached KD 19.01 billion, up by KD 250 million, or 1.35%, from KD 18.76 billion at the end of December 2023.
The data from the Central Bank of Kuwait shows a 3% increase in consumer loans granted during the first seven months of 2024, rising by KD 59 million to KD 2.03 billion by the end of July, up from KD 1.97 billion at the end of December 2023, according to Al Anba newspaper.
The data showed that the volume of loans granted by Kuwaiti banks during the first seven months of this year amounted to KD 1.82 billion, reflecting a 3.4% increase. This brought the total credit granted in Kuwait to KD 55.37 billion by the end of July, up from KD 53.55 billion at the end of December 2023.
Increase in loan volume
This increase in loan volume since the beginning of the year occurred alongside growth in most credit sectors. Housing loans, which are long-term personal loans of up to 15 years for purchasing, building, or renovating private homes, reached KD 16.24 billion by July-end, which represents a rise of KD 230 million, or 1.42%, compared to KD 16.01 billion at the end of December 2023.
According to the data, the total balance of personal loans at the end of July was KD 19.01 billion, up by KD 250 million, or 1.35%, from KD 18.76 billion at the end of December 2023.
Loans for purchasing securities increased during the first seven months of 2024, reaching KD 3.62 billion by the end of July, up from KD 3.5 billion at the end of December 2023, marking a 3.5% increase, or KD 120 million.
Kuwait bank deposits surge to KD 49.48 billion
Regarding deposits, Central Bank data revealed an increase in deposits with Kuwaiti banks during the first seven months of 2024, reaching KD 49.48 billion. This compares to KD 48.72 billion at the end of 2023, an increase of KD 755 million, or 1.55%.
The data indicated that the increase from the beginning of the year until the end of July was driven by a rise in private sector deposits in dinars, which reached KD 36.53 billion compared to KD 35.52 billion, reflecting an increase of 2.58% or KD 1.01 billion.
Private sector foreign exchange deposits climb to KD 1.83 billion by July
The data also showed that private sector foreign exchange deposits grew by KD 19 million by the end of July, bringing the total balance of foreign currency deposits to KD 1.83 billion, up from KD 1.81 billion at the end of the fourth quarter of 2023, representing a growth rate of 1.04%.
On the other hand, deposits from financial and non-financial public institutions declined during the first seven months of the year to KD 5.98 billion, down from KD 6.76 billion at the end of December 2023, a decrease of KD 777 million or 11.5%.
Government deposits rose to KD 5.13 billion
The Central Bank’s statement noted that government deposits increased from the beginning of the year until the end of July, reaching KD 5.13 billion compared to KD 4.63 billion at the end of December. This represents a growth rate of 10.77% and an increase of KD 499 million.
