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Kuwait banks’ deposits up by 4.1 per cent in August

Annual increase mainly driven by rise in private sector deposits

Deposits with Kuwait’s banks, including government deposits, expanded by KWD1.5 billion or 4.1 per cent in August, compared with the same period last year.

In average, deposits with the local banking system in the Gulf nation picked up by 4.3 per cent, according to a report by the Kuwait Finance House.

However, deposits dropped by 1.2 per cent for a third consecutive month in August, the statistics published by the Kuwait News Agency indicate.

The annual increase in deposits with the local banks was mainly driven by a 4.2 per cent rise in private sector deposits, while government deposits inched up by 3.1 per cent or KWD162bn in August.

Deposits are considered the main source of banks’ funds, comprising 67.8 per cent of the consolidated balance sheet of all banks in the country.

Additionally, deposits by the private sector make up the bulk of deposits with the banking system at 86.1 per cent, while government deposits comprise only 13.9 per cent of the total value of deposits.

(KWD1 = AED12.07, at the time of publishing)