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Kuwait – Credit score at Kuwaiti banks witnessed a month-to-month improve throughout February, reaching its highest stage in historical past, recording a stage of KD 43.162 billion, a rise of 1.04%, equal to KD 448 million, in comparison with final January, through which credit score was at a stage of KD 42.714 billion, whereas credit score elevated yearly by 7.87 %, with a worth of KD 3.152 billion, in comparison with its ranges in February 2021, throughout which the extent of KD 40 billion was recorded, in keeping with the information of the Central Financial institution of Kuwait for the month of February 2022, experiences Al- Anba each day.
The Central Financial institution’s knowledge reveals client loans directed in direction of the acquisition of sturdy items and automobiles witnessed a slight month-to-month decline by 0.01% or KD 300,000 throughout throughout February, to succeed in KD 1.837 billion, in comparison with KD 1.838 billion final January, whereas recording a big annual progress of 14.03% in comparison with February ranges of final yr, amounting to KD 1.611 billion.
Whereas the installment loans granted to Kuwaitis for renovating or buying personal housing elevated by greater than 0.68% throughout February to succeed in KD 14.6 billion, in comparison with KD 14.5 billion final January.
It additionally recorded a powerful annual progress of 13.5% in comparison with the degrees of February final yr of KD 12.864 billion.
Loans directed in direction of the acquisition of securities additionally elevated, with a month-to-month improve of 5.1%, to file a stage of KD 2.910 billion throughout throughout February, in comparison with KD 2.769 billion final January.
It additionally recorded an annual improve of 15.43% in comparison with its ranges in February of final yr, which amounted to KD 2.521 billion.
The oil and fuel sector additionally witnessed a month-to-month improve of 0.86% to file the extent of KD 2,220 billion throughout throughout February, in comparison with KD 2.201 billion final January, and it recorded an annual improve of 15.8% in comparison with the degrees of February of 2021, which was KD 1.917 billion.
On the extent of deposits, the Central Financial institution knowledge confirmed that the deposits of the banking sector rose by 0.38% to succeed in KD 45.46 billion throughout February, in comparison with KD 45.29 billion on the finish of final January, and in comparison with their ranges in February of 2021.
The amount of deposits elevated yearly by 2.74 %, a rise of KD 1.213 billion, in comparison with the extent of KD 44.251 billion in February of final yr.
The federal government diminished its deposits throughout February by KD 187 million, bringing the entire authorities deposits within the banking system to KD 7.17 billion, a month-to-month decline of two.54%, in comparison with 7.357 on the finish of final January, and yearly it decreased by 4.1% in comparison with its ranges in February of final yr, which was KD 7.47 billion, which means the federal government has withdrawn KD 307 million from its balances inside a yr.
On the stage of the personal sector, deposits in Kuwaiti dinars elevated by 0.69% per 30 days throughout the month of February to succeed in KD 35.726 billion on the finish of the month after the personal sector pumped 246 million KD of its deposits in Kuwaiti KD, and deposits of the personal sector in Kuwaiti dinars rose yearly, reaching KD 1.017 billion from February ranges from final yr, it amounted to KD 34.709 billion, or 2.93%.
Throughout February, the personal sector deposits in foreign currency elevated by 4.73% to succeed in the extent of KD 2.568 billion on the finish of February.
Additionally, the personal sector deposits in foreign currency elevated on an annual foundation throughout throughout February by 24.3%, a rise of KD 603 million in comparison with the degrees of February final yr, which amounted to KD 2,065 billion.
In its newest report, EFG-Hermes Group expects the Kuwaiti banks to attain the best progress in income on an annual foundation on the stage of Gulf banks throughout the first quarter of 2022, experiences Al-Rai each day.
Based on its estimates for the primary quarter, the revenue progress of Kuwaiti banks will attain 33 p.c on an annual foundation, in comparison with 21 p.c for UAE banks, 15 p.c for Saudi banks, and 21 p.c for Qatari banks. “Hermes” acknowledged that Kuwaiti banks’ allocations decreased within the second half of 2021 in comparison with the primary half of the identical yr, and credit score high quality improved, which bodes properly for the price of dangers in 2022, whereas banking sources mentioned the buyer spending continues to drive the robust progress of particular person loans, though its tempo started to sluggish from 2021. As for income progress, the report anticipated that Kuwaiti banks would attain 5% on an annual foundation throughout the first quarter of this yr, whereas “Hermes” estimates that mortgage progress might be 10%, with a value of threat of 84 foundation factors throughout the interval. The identical in comparison with 131 foundation factors within the first quarter of 2021. On a quarterly foundation, Hermes estimates that gross revenue will decline 10 p.c, on account of a 5 p.c decline in whole income on a quarterly foundation, along with a slight improve in provisioning prices on a quarterly foundation.
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