Kuwaiti bank deposits rise 1.2% YoY in October

Meanwhile, the banks’ credit activity surged by 4.7% YoY after the credit facilities had recorded KWD 38.3 billion by the end of October.

Kuwaiti banks’ deposits grew by KWD 535 million on an annual basis, driven by a 9.9% increase or KWD 635 million in the government sector’s deposits and a decrease of 0.3% or KWD 100.4 million in the private sector, a report by Kuwait Finance House (KFH) referred.

On a monthly basis, total deposits inched up by around 0.5% after the deposits in the private sector had slightly risen by 0.3% or about KWD 112 million, while the government sector registered an increase of 1.3% or KWD 91 million to exceed KWD 7 billion in October, compared to KWD 6.9 billion in September.

The report remarked that the private sector’s market share of deposits decreased to 83.9% in October from 84.7% in the same period last year, while the government sector’s market share levelled up to 16.1% from 15.3%, following an increase in the government deposits and a slight decline in the private sector.

The government sector’s deposits in the local banks exceeded KWD 7 billion, up 9.9% on an annual basis, and increased by 1.3% on a monthly basis, compared to KWD 6.9 billion in September.