Kuwaiti banks surge with KD 1.85 billion in new loans in first eight months of 2024

• The total outstanding loans at the end of August amounted to KD 55.4 billion, compared to KD 53.55 billion at the end of December 2023.

The increase in new loans extended by banks across various economic sectors reached KD 1.85 billion, reflecting a growth of 3.46 percent from the beginning of the year through the end of August, according to Al Jarida newspaper.

The total outstanding loans at the end of August amounted to KD 55.4 billion, compared to KD 53.55 billion at the end of December 2023, reflecting the activity observed in several sectors.

The largest portion of these loans is concentrated in personal loans, which include housing, consumer, and securities, totaling KD 19.083 billion, up from KD 18.761 billion. This segment grew by 1.7 percent, an increase of KD 322 million over eight months.

Real estate loans soar 3.5% to reach KD 10.088 billion

The real estate sector ranked second in terms of loan volume, with facilities reaching KD 10.088 billion—an increase of KD 350 million and a growth of 3.5 percent compared to KD 9.738 billion at the end of December last year.

Consumer loans rose by 3.9 percent

In another context, consumer loans rose by 3.9 percent, increasing by KD 77 million over eight months, from KD 1.9 billion to KD 2.044 billion.

Securities facilities experienced an increase of KD 93 million, growing by 2.6 percent from KD 3.50 billion to KD 3.59 billion. This amount is considered significant from the banking sector for financing the purchase of securities, representing over 68 percent of the foreign liquidity flowing into the stock exchange.

Regarding liquidity in banks, private sector deposits rose by KD 1.3 billion at the beginning of the year, marking a growth of 3.6 percent to reach KD 38.6 billion by the end of August, up from KD 37.3 billion.

Total deposits in banking sector hit KD 49.977 billion

Total deposits in the banking sector amounted to approximately KD 49.977 billion, compared to KD 48.72 billion, reflecting a growth of 2.5 percent and an increase of KD 1.25 billion.

Government deposits during the first eight months of this year increased by 9.7 percent, rising by about KD 452 million to reach KD 5.08 billion, compared to KD 4.6 billion.

On the other hand, the deposits of public organizations plunged by KD 549 million, or 8.2 percent, reaching KD 6.21 billion, compared to KD 6.7 billion.

The growth rates observed during the eight-month period are considered positive and favorable, aligning with the Central Bank of Kuwait’s objectives of maintaining stable percentages without large fluctuations and managing reasonable risks to ensure that the sector remains in a safe zone regarding irregular debt levels.

The figures from the past period reflect the continued growth of all banking sector indicators.