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Deposits fluctuated in 2024, from KD 5.804 billion in December 2023 to KD 5.781 billion in April 2024.
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While private sector dinar deposits fell 6% to KD 9.031 billion in May, foreign currency deposits dropped 2.5% to KD 1.85 billion in May.
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Private sector term deposits in dinars rose 7% to KD 21.508 billion in May.
Dinar savings deposits in local banks dropped by 5.3% year-over-year in May, falling from KD 6.386 billion in May 2023 to KD 6.048 billion. However, deposits increased by KD 267 million from April, rising from KD 5.78 billion, according to Al Rai newspaper.
“According to data from the Central Bank of Kuwait, savings deposits increased by 4.2% during the first five months of 2024, or about KD 244 million, rising from KD 5.804 billion at the end of December 2023.
Deposits have fluctuated throughout 2024, falling from KD 5.804 billion in December 2023 to KD 5.742 billion in January 2024, rising to KD 5.763 billion in February, falling again to KD 5.721 billion in March, and increasing to KD 5.781 billion in April.
Private sector deposits
On the other hand, private sector “on-demand” deposits in dinars fell by 6%—approximately KD 582.2 million—in May on an annual basis, decreasing from KD 9.613 billion in May 2023 to KD 9.031 billion at the end of last May.
Demand deposits also decreased by 4.76%—about KD 451.6 million—on a monthly basis, falling from KD 9.483 billion in April. Over the past five months, they declined by 0.4%—KD 37.3 million—after being KD 9.889 billion in December 2023.
In contrast, private sector “term” deposits in dinars increased by 7%—KD 1.414 billion—on an annual basis, rising from KD 20.09 billion in May 2023 to KD 21.508 billion last May. They also grew by 4.2%—approximately KD 862.4 million—since the beginning of 2024, up from KD 20.64 billion last December, and rose by 1.1%—about KD 242.6 million—on a monthly basis, increasing from KD 21.266 billion in April.
Thus, total private sector deposits in dinars (including demand deposits, savings, and time deposits) increased by 1.36%—approximately KD 493.8 million—on an annual basis, rising from KD 36.095 billion in May 2023 to KD 36.589 billion last May. Since the beginning of 2024, total deposits rose by 3%—about KD 1.069 billion—up from KD 35.519 billion in December.
Private sector deposits in foreign currencies in local banks decreased by 2.5%—about KD 40.7 million—over the past five months, settling at KD 1.85 billion in May. On a monthly basis, deposits decreased by 2.8%—around KD 55.1 million. However, on an annual basis, deposits increased by 7.4%—KD 127.3 million—up from KD 1.723 billion in May 2023.
Growth in total deposits
Statistics from the Central Bank of Kuwait for May show that total deposits in banks grew by 0.8%—about KD 406.2 million—from KD 48.976 billion in April to KD 49.376 billion in May.
Total deposits increased by 1.3%—approximately KD 649.2 million—over the first five months of this year, rising from KD 48.727 billion at the end of December. On an annual basis, deposits grew by 2%—KD 982.3 million—up from KD 48.394 billion in May 2023.
Government deposits in local banks increased by 0.87%—KD 40.3 million—over the five months, rising from KD 4.63 billion in December to KD 4.67 billion in May. They also grew by 1.2%—about KD 55.4 million—on a monthly basis, up from KD 4.616 billion at the end of April. On an annual basis, government deposits rose by 13.5%—KD 557 million—up from KD 4.11 billion in May 2023.
Public institutions’ deposits decreased by 7.4%—about KD 501 million—falling from KD 6.766 billion in December to KD 6.265 billion in May. They also decreased by 3%—approximately KD 195.8 million—on an annual basis, down from KD 6.46 billion in May 2023. However, on a monthly basis, deposits increased by 5.8%—KD 348.2 million—up from KD 5.916 billion at the end of April.
