Kuwait Has Increased Bank Deposits By 2.5 Billion Dinars

As a result of the Central Bank of Kuwait lifting the discount rate by 0.75%, total bank deposits in Kuwait climbed by 5.72 percent in the first half of 2022, reaching KWD 47.108 billion at the end of last June as opposed to KWD 44.561 billion at the end of December 2021. It rose from 1.5 to 2.25 percent between January and June of this year before increasing once more to 2.5 percent in July.

The Central Bank released monthly statistics data indicating that total deposits climbed in June 2018 compared to May by KWD 102 million (+0.22%), while deposits increased on a yearly basis by KWD 2.955 billion (+6.69%) from June 2021. The total private sector deposits, on the other hand, increased by about KWD 90 million (+0.23%) in June 2022 to reach KWD 39.917 billion, up from KWD 39.827 billion in May. Since the year's beginning, they have grown by KWD 2.728 billion (+7.34 percent), reaching a value of about KWD 2.638 billion (+7.08 percent) in June 2021.

The private sector's dinar deposits increased by approximately KWD 121 million in June of last year on a monthly basis (+0.33 percent) to reach KWD 37.271 billion. In the first six months, they increased by a total of KWD 2.305 billion (+6.6 percent), and in June of this year, they increased by KWD 2.327 billion (+6.66 percent).

While increases of KWD 422 million (+19 percent) since the start of the year and KWD 311 million (+13.32%) compared to June 2021 were noted, the private sector's foreign currency deposits decreased by about KWD 31 million last June (-1.16 percent) compared to May, reaching KWD 2.645 billion at the end of the first half of 2022. Last June, government deposits were KWD 7.191 billion, up KWD 13 million (+0.18 percent) from May. This resulted in a KWD 181 million decrease in withdrawals since the year's beginning (-2.46 percent). While government deposits increased by KWD 317 million on a yearly basis (4.61 percent).

At the end of June, local banks had provided about KWD 44.678 billion worth of credit, a decrease of KWD 152 million (-0.34%) on a monthly basis, but an increase of KWD 2.392 billion (+5.66%) over the course of the year. On a yearly basis, it climbed by KWD 3.923 billion (+9.63 percent).

Contrarily, according to statistics from the Central Bank, personal loans decreased monthly by about KWD 256 million (-1.23 percent) to reach KWD 20.502 billion at the end of June, while they increased since the year's beginning by KWD 1.071 billion (+5.51 percent) and saw a growth of KWD 2.552 billion (+14.22 percent) when compared to June of the previous year.

 

While instalment loans increased by roughly KWD 221 million (+1.47 percent) in June compared to May to reach 15.214 billion, they have grown by KWD 823 million (+5.72 percent) since the start of 2022. Installment loans saw an increase of KWD 1.896 billion (+14.24%) on an annual basis.

In terms of consumer loans, they totaled 1.895 billion dinars at the end of last June, an increase of 28 million (+1.5%) from May and a rise of 50 million (+2.71%) from the year's beginning. It saw an increase of 229 million (+13.75%) on an annual basis.

 

Additionally, the amount of securities purchase loans decreased by approximately 504 million dinars (-14.36 percent) in June of last year, falling to 3.005 billion from 3.509 billion in May, although having increased by around 193 million (+6.86%) since the year's commencement. They increased 433 million (+16.84%) on an annual basis.

The results show that residents and citizens spent a record-breaking KWD 20.4 billion in total. In comparison to the first half of 2021, when spending was 15.78 billion, it climbed by approximately 4.66 billion (+29.5 percent).

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