The Kuwait Finance House (KFH) has revealed that credit activity in Kuwait continued to gain momentum in October, expanding by 6.6 per cent year-on-year.
The total value of credit facilities and loans portfolio hit a massive KWD32.3 billion in October, after it added KWD692 million in that month, according to a report published by the Kuwait News Agency (KUNA).
Personal credit facilities still account for the largest chunk of total credit at KWD13.39bn, comprising 41.4 per cent of the total.
Furthermore, consumer loans (usually used to finance a customer’s personal needs such as education and treatment expenses) inched up by one per cent in October.
The KFH, in its report, said that the value of credit extended to the real estate sector rose by less than 0.5 per cent to exceed KWD8bn to make up nearly 24.7 per cent of credit extended in October.
Credit extended to the trading sector increased to more than KWD1.3bn, up 6.9 per cent of the total volume of credit portfolio.
(KWD1 = AED12.1, at the time of publishing)