In April, local banks in Kuwait significantly increased financing for the other services sector, rising by 115.5 million dinars or 48.2% from March, reaching 354.7 million dinars compared to 239.2 million dinars. Annually, this sector saw a substantial surge of 263.3 million dinars or 288%, up from 91.4 million dinars in April 2023. Over the first four months of the year, banks extended approximately 764.4 million dinars in financing to financial institutions.

Meanwhile, the cumulative balance of financial institution financing by local banks rose by 1.6% monthly to 4.745 billion dinars in April from 4.667 billion dinars in March, marking a 6% annual increase from 4.714 billion dinars in April 2023. Regarding deposits, foreign currency deposits grew by 0.9% to 1.9 billion dinars (approximately 6.1 billion dollars). Conversely, government bank deposits decreased by 32 million dinars in April to 4.616 billion dinars compared to 4.648 billion dinars in March. Local banks’ claims on the Central Bank in dinars, represented by bonds, remained steady at 3.3 billion dinars (around 11 billion dollars).

Total assets of local banks saw a marginal uptick of 0.2% in April, reaching 87.8 billion dinars (about 286 billion dollars). However, net foreign assets decreased by 7% to 12.7 billion dinars (approximately 41.4 billion dollars). Credit facilities, encompassing both resident and non-resident sectors, increased by 352 million dinars to 54.873 billion dinars in April from 54.521 billion dinars in March. Kuwaiti banks also extended credit facilities for securities purchases amounting to about 565 million dinars in the first four months of 2024. In investment, banking facilities allocated for stock exchanges rose by 20.7 million dinars or 12% monthly to 193 million dinars in April, up from 172.3 million dinars in March. Annually, these facilities surged by 156.3 million dinars or 425.8% from 36.7 million dinars in April 2023.

However, credit facilities for purchasing securities, granted to residents and non-residents, decreased by about 82 million dinars, ending April at 3.453 billion dinars compared to 3.535 billion dinars in March 2023. Similarly, facilities for individuals amounted to 1.144 billion dinars, a decrease from 1.213 billion dinars in March 2024 by 69 million dinars.

 

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