Kuwait: NBK: Credit Growth Hits 3.5 Pct in JulySource: www.export-egypt.com 10/3/2017, Location: Middle East |
|
|
|
|
|
Credit offered by the Kuwaiti banking sector in July hit 3.5 percent year-on-year (y/y), owing to a strong house lending, a report has said. Growth of household lending in July accelerated to 7.2 percent y/y, as personal facilities, excluding securities lending, added a net KD 119 million (USD 392 million) during the month, the latest report by the National Bank of Kuwait (NBK) added.
The gains continued to come from installment loans, while consumer loans were off, contracting by 5.3 percent y/y, it noted. According to the report, business credit (excluding nonbanks) dropped by KD 281 million (USD 927 million) with growth falling to 1.8 percent y/y . The largest decline was in lending for the purchase of securities, which dropped by KD 211 million (USD 696 million). Credit to the construction and oil and gas sectors saw noticeable declines, with the former contracting by 5.7 percent y/y. Year-to-date, lending to the real estate sector hit 8.1 percent, after it saw its borrowing contract by 3.6 percent during 2016. As for private deposits, they fell in July by KD 252 million (USD 831 million). The banking system's liquid reserves, or "excess liquidity", were steady in July at 7.5 percent of bank assets. Bank reserves increased by KD 62 million (USD 204 million) to KD 4.7 billion (USD 15 billion), the NBK report noted. Domestic interest rates rose in July in line with June's increase of the overnight repo rate by 25 basis points (bps,) and the 3-month interbank rate was up 9 bps in July. Customer deposit rates also moved up by 7-16 bps during the month. They are now up by 36-48 bps since December 2016, the report concluded. |
|
|
Financials and Investment News in Kuwait >> |
 |
|||||
|
Egypt >> 9/19/2024 - Egypt is having a special participation at the IFTM-Top Resa exhibition, which lasts until Sept.19 in Paris.
Egypt’s pavilion has more than... |
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
|
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
Egypt >> 9/18/2024 - Benchmark index EGX 30 was up 0.61 percent to 30,342.46 points, with the Shariah index climbing by 0.20 percent to reach 2,879.64 points.
E... |
|
Egypt >> 9/18/2024 - The British company Globeleq is set to collaborate with the Egyptian government in establishing a substantial project for green hydrogen production, a...
|
Egypt >> 9/18/2024 - Deputy Prime Minister and Minister of Health and Population Khaled Abdel Ghaffar asserted the importance of cooperating with South Africa in the field...
|
| Kuwait Oil & Gas 1 >> 2 | 3 | 4 | 5 | |
