Customer Deposits At Local Banks Reach Over Kd 57 Billion

In the face of challenges facing the sector during the coronavirus crisis, Kuwaiti banks rely on a solid financial position at various levels in its components, in terms of assets that are witnessing continuous growth in the credit portfolio, as well as on the liabilities side, where the deposit base is expanding and stable, which supports levels of liquidity, and finally, shareholders’ rights, which shows large reserves and strong capitalization, reports Al Anba.

Despite the economic repercussions of the coronavirus pandemic and the drop in oil prices, and its reflection on the operating environment, loans are the most prominent element besides assets, as well as deposits of customers, which are the most prominent on the liabilities side, and have witnessed strong growth and quality reflected in all financial indicators.

The daily noted, looking at the total customer deposits at the ten Kuwaiti banks that announced their semi-annual financial results for the current year increased by 12%, as customers ’deposits reached 57.2 billion dinars at the end of last June, compared to 51.3 billion dinars during the same period of the past year, with an increase of 6.2 billion dinars.

The total customer loans and advances of the ten Kuwaiti banks also increased, with a growth rate of 9%, as the loans and advances of customers during the past six months ending at the end of last June reached 53.5 billion dinars, compared to 49.3 billion dinars in the same comparative period last year, an increase of 4.2 billion dinars.

Stable deposits
The National Bank came first in terms of customer deposits with a value of 17.56 billion dinars, with an annual growth rate of 16% compared to 15.45 billion dinars during the same period last year, and in second place Kuwait Finance House (KFH) showed that customer deposits amounted to 14.58 billion dinars, with an annual growth rate of 14%, compared to 12.83 billion dinars in the same period last year.

Boubyan Bank came third, with customer deposits amounting to 4.71 billion dinars and an annual growth of 19%, compared to 3.98 billion dinars in the same period of 2019, and Burgan Bank came in fifth place, with customers’ deposits of 4.26 billion dinars, with an annual growth rate of 2% compared to 4.17 billion dinars in the same period from last year. Gulf Bank ranked fifth with a volume of customer deposits amounting to 3.91 billion dinars, a growth rate of 3%, compared to 3.8 billion dinars in the comparative period last year.

The Al Ahli Bank is in sixth place with customer deposits standing at 3.4 billion dinars, with an annual growth of 8%, compared to 3.14 billion dinars in the comparative period last year, and in seventh place is Ahli United Bank with a deposit of 2.78 billion dinars and a growth rate of 11%, compared to 2.49 billion dinars in the comparative period of 2019.

The eighth place was occupied by Commercial Bank with deposits amounting to 2.33 billion dinars, with an annual decline of 3% compared to 2.39 billion dinars in the same period earlier, and in the ninth place, Warba Bank held customer deposits amounting to 2.07 billion dinars, with a growth rate of 30% compared to 1.59 billion dinars, which is the largest in terms of annual growth rate. Finally, in 10 place was KIB with deposits of 1.57 billion dinars, at an annual growth rate of 10%, compared to 1.42 billion dinars in the comparative period of 2019.

Credit growth
With regards to the credit granted by Kuwaiti banks, the National Bank came first in terms of loans and advances to customers, reaching 17.57 billion dinars at the end of the first half of the current year, with a growth rate of 8% compared to 16.21 billion dinars during the same period last year. In second place was Kuwait Finance House (KFH) with a loan volume of 9.86 billion dinars, a growth rate of 7% compared to 9.23 billion dinars in the comparative period last year.

Boubyan Bank came third with a volume of loans and advances amounting to 4.51 billion dinars, a growth rate of 28% compared to 3.54 billion dinars in the comparative period last year. Burgan Bank came in fourth place, with a volume of loans amounting to 4.41 billion dinars, a growth rate of 5% compared to 4.19 billion dinars in the comparative period last year. While Gulf Bank came in fifth place with a volume of loans amounting to 4.18 billion dinars, with an annual growth rate of 6% compared to the comparative period last year, which amounted to 3.95 billion dinars.

 

 

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