Kuwait’s total bank deposits increased by 5.72 percent, during the first half of 2022, reaching KWD 47.108 billion at the end of last June, as compared to KWD 44.561 billion at the end of December 2021, benefiting from the Central Bank of Kuwait raising the discount rate by 0.75%. It increased from January to June of this year from 1.5 to 2.25 percent, before raising it again to 2.5 percent in July.
The Central Bank issued a monthly statistical data showing that total deposits have increased by KWD 102 million (+0.22%) last June compared to May, while the growth of deposits on an annual basis amounted to approximately KWD 2.955 billion (+6.69%) compared to June 2021. On the other hand, the total private sector deposits recorded an increase of approximately KWD 90 million (+0.23%) in June 2022 to reach KWD 39.917 billion, compared to KWD 39.827 billion in May, while it increased by 2.728 billion since the beginning of this year by +7.34 percent, and increased to about KWD 2.638 billion (+7.08 percent) compared to its value in June 2021.
The private sector’s deposits in dinar rose by about KWD 121 million last June on a monthly basis (+0.33 percent) to reach KWD 37.271 billion, while its increase totaled to KWD 2.305 billion (+6.6 percent) in the first six months, and it grew to KWD 2.327 billion (+6.66 percent) compared to June last year.
Meanwhile, the private sector’s deposits in foreign currencies decreased by about KWD 31 million last June (-1.16 percent) compared to May, while an increase was registered by KWD 422 million (+19 percent) since the beginning of the year and by KWD 311 million (+13.32%) compared to June 2021, reaching to KWD 2.645 billion at the end of the first half of 2022. Government deposits totaled approximately KWD 7.191 billion last June, higher by KWD 13 million (+0.18 percent) compared to May, which reduced the number of withdrawals since the beginning of the year to KWD 181 million (-2.46 percent). While on an annual basis, government deposits registered an increase of KWD 317 million (4.61 percent).
The total credit facilities granted by local banks was approximately KWD 44.678 billion at the end of June, showing a decline on a monthly basis by KWD 152 million (-0.34%), while its growth reached KWD 2.392 billion since the beginning of the year (+5.66%). It increased by KWD 3.923 billion (+9.63 percent) on a yearly basis.
On the other hand, with regards to personal loans, the Central Bank’s statistics showed a decrease in personal credit facilities on a monthly basis of about KWD 256 million (-1.23 percent) to reach KWD 20.502 billion at the end of June, while it increased since the beginning of the year by KWD 1.071 billion (+5.51 percent), and recorded a growth of KWD 2.552 billion (+14.22 percent) as compared to June last year.
Whereas, installment loans spiked by approximately KWD 221 million (+1.47 percent) in June, compared to May, to reach 15.214 billion, while it witnessed a growth of KWD 823 million since the beginning of 2022 (+5.72 percent). On an annual basis, installment loans recorded an increase of KWD 1.896 billion (+14.24 percent).
As for consumer loans, they amounted to 1.895 billion dinars at the end of last June, an increase of 28 million (+1.5 percent) compared to May, while it recorded an increase of 50 million (+2.71 percent) since the beginning of the year. On an annual basis, it witnessed an increase of 229 million ( +13.75 percent).
In addition, securities purchase loans recorded a decline of about 504 million dinars (-14.36 percent) during last June, to reach 3.005 billion, compared to 3.509 billion in May, while they rose by about 193 million (+6.86%) since the beginning of the year. On an annual basis, they rose 433 million (+16.84 percent).
According to the data, citizens and residents expenditure totaled to a record-breaking KWD 20.4 billion. The spending during the first six months of 2022 increased by about 4.66 billion (+29.5 percent), compared to 15.78 billion last year.