Kuwaiti banks see their deposits drop in 2021; first in 21 years – ARAB TIMES
Total credit facilities of about 42.286 billion dinars at the end of December
KUWAIT CITY, February 8: According to monthly statistics released by the Central Bank of Kuwait, total deposits stood at 44.561 billion dinars at the end of last December, down 714 million, or 1.58%, from their level at the end of December 2020, when it stood at 45.275 billion, recording its first annual decline since 1999, when it fell by 34 million by 0.46% compared to its 1998 level, reaching 7.043 billion dinars , reports the daily Al-Rai. On a monthly basis, total deposits decreased last December by around KD 259 million or 0.58% from November, while government deposits saw a decline last December by 32 million (- 0.43%) to reach 7.372 billion, the sector’s total deposits fell on a monthly basis by about 226 million (-0.6%) to reach 37.189 billion dinars at the end of last year, reports Al-Rai daily. The total credit facilities granted by local banks was around 42.286 billion dinars at the end of last December, up by around 161 million (+0.38%) on a monthly basis, while its growth reached 2 .52 billion (+6.34%) for the whole. of 2021.
Its strongest annual growth since 2015 where credit facilities achieved a growth of 8.46% compared to their level of 2014 whose facilities to individuals increased by about 2.181 billion dinars last year (+12, 64%), to reach 19.431 billion at the end of December, realizing an increase of around 211 million dinars (+1.1%) on a monthly basis. Installment loans increased by 139 million dinars (+0.98%) on a monthly basis and by 1.68 billion dinars over the whole of 2021 (+13.22%), to reach 14.391 billion dinars at the end of last December, while consumer credit grew by around 26 million (+1.43). percent) on a monthly basis and 238 million (+14.81%) on an annual basis, to reach 1.845 billion dinars at the end of 2021. Loans for the purchase of securities recorded an increase of 52 million dinars (+1.88%) in December compared to November, while they increased by 233 million (+9.03%) in 12 months, to reach 2.812 billion dinars at the end of December 2021. With regard to facilities loans to financial institutions other than banks (investment companies), they amounted to 1.009 billion dinars at the end of last December, falling by 2.98% on a monthly basis, while recording an annual increase of 2.83 %.
As for credits granted to the trade sector, they fell by 9.28% on an annual basis to reach 2.971 billion dinars at the end of December, while credits to the industrial sector increased by 15.81% to 2.381 billion. Credit to the construction sector amounted to 1.696 million dinars at the end of last December, down 10.17% compared to its level at the end of 2020, while it recorded a slight increase on a monthly basis, amounting to 0.47%.
Although credit facilities granted to the real estate sector decreased by 1.23% during the month of December last year compared to November, they will experience an increase of around 1% compared to their level of the previous year, registering 9.317 billion dinars at the end of 2021. As for loans to the crude oil and gas sector, they increased by 14.27% at an annual rate to reach 2.138 billion at the end of last December. The balance of public debt instruments amounted to about 800 million dinars at the end of last December, i.e. a decrease of 5.9% on a monthly basis, against 850 million dinars in November, when it recorded a decrease of 23.8% compared to its level of December 2020, which had reached 1.05 billion dinars.