Banks attract KD 729 million in deposits in January – ARAB TIMES
KUWAIT CITY, March 14: Credit granted by Kuwaiti banks rose monthly last January to reach 42.71 billion dinars at the end of the month, an increase of 1%, which means that the total loans granted by the Kuwaiti banking sector during the first month of 2022 was around 428 million dinars, compared to its level at the end of last December which was 42.28 billion dinars, reports the daily Al-Anba. According to data from the Central Bank of Kuwait for January 2022, credit granted by the banking sector increased by 7% annually, compared to the end of January 2021, during which it recorded 39.9 billion dinars. In terms of personal facilities granted by local banks during the month of January, consumer credit allocated to the purchase of durable goods and automobiles experienced a monthly drop of 0.37%, worth by 7 million dinars, to reach 1.83 billion dinars at the end of January, against 1.84 billion dinars at the end of December 2021.
However, it recorded a significant annual growth of 14.16% compared to January 2021, which was 1.61 billion dinars. As for installment loans granted to Kuwaitis for the purpose of repairing or buying private housing, they increased by more than 0.76% at the end of last January to reach a level of 14.5 billion dinars, against 14.39 billion dinars last December. It also registered a strong annual growth of 13.35% compared to January levels last year which stood at 12.79 billion dinars. While credits allocated to the purchase of securities decreased by 1.5% per month, to record a level of 2.77 billion dinars during the month of January, against 2.81 billion dinars last December , while it recorded an annual increase of 11.2% compared to its levels of January 2021 which was 2.490 billion dinars.
The oil and gas sector experienced a monthly increase of 2.99% to reach 2.2 billion dinars last January, against 2.14 billion dinars last December. It also registered an annual increase of 14.7% compared to January 2021 levels, which was 1.92 billion dinars. Banking sector deposits experienced a slight increase of 1.63% to reach 45.29 billion dinars last January, against a level of 44.56 billion dinars at the end of last December, which means that local banks have attracted new deposits worth 729 million dinars during the last January.
This increase comes in the volume of deposits from the Kuwaiti banking sector last January, supported by a 2% increase in deposits from the private sector (744 million dinars) to reach a level of 37.9 billion dinars at the end of last January, against 37.1 billion dinars at the end of January. at the end of December 2021. At the private sector level, deposits in Kuwaiti dinars increased by 1.46% per month during the month of January to reach 35.48 billion dinars at the end of the month after the private sector pumped 514 million dinars in deposits, while private sector deposits in Kuwaiti dinars increased annually to 476 million dinars from January levels last year, or 35 billion dinars, or 1.35%. During the month of January, private sector deposits in foreign currency increased by 10.3% to reach the level of 2.45 billion dinars at the end of January. Also, private sector deposits in foreign currency increased on an annual basis during the month of January by 15.9%, an increase of 337 million dinars compared to January 2021, which was 2.11 billion. of dinars.