Complex Made Simple

Baitak: KWD2bn increase in banking sector deposits last July

These declined on a monthly basis last July for the second consecutive month by 1.5 per cent

Deposits in the Kuwaiti banking sector grew by roughly KWD2 billion (5.4 per cent) last July compared with the same period last year, to hit KWD38.8bn, Kuwait Finance House (Baitak) reveals.

In its monthly report, Baitak highlights the evolution in the volume of deposits in the Kuwaiti banking system last July, adding that these deposits declined on a monthly basis last July for the second consecutive month by 1.5 per cent and by nearly KWD575 million, Kuwait-based Al-Jarida Newspaper reports.

The report considers that the deposits’ annual growth in the banking sector was driven by a significant increase in private sector deposits, noting that deposits of the banking sector represents the most important source of funds for the banking sector and accounts for 68.2 per cent of the total consolidated budget last July.

The report points out that the private sector’s deposits represent 86.9 per cent, while public sector ones represent 13.1 per cent of the total banking system deposits last July.

The report adds that the private sector’s deposits dropped on a monthly basis by 1.3 per cent last July to hit KWD31.17bn, while they rose on an annual basis by 6.5 per cent and by KWD2bn compared with the same period last year.

(KWD1 = AED 12.14, at the time of publishing)