Wednesday, March 20, 2013

Kuwait bank credit sees modest increase in January


Lending to consumers was the main source of growth while the non-financial business sector saw only a small gain, according to the latest data from National Bank of Kuwait

Non-bank financials continued to see a contraction in credit. Money supply increased noticeably with time deposits seeing the largest gain.

Outstanding credit to residents rose by KWD 58 million in January to KWD 26.95 billion. This is below the average monthly gains seen in the last 12 months which stood at KWD 103 million. Credit growth against a year ago accelerated to 5.3 per cent.

Personal facilities (ex-securities) rose by KWD 92 million in January, further confirming the recent strong trend. Personal facilities (ex-securities) were up 16.7 per cent against a year ago. Meanwhile, personal facilities for the purchase of securities were down again this month by a small KWD 9 mn, with year-on-year growth at 3.4 per cent.

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