BANKS WROTE OFF HALF A BILLION DINARS IN BAD DEBTS

  • 01/03/2021

Kuwait City : Despite the stifling repercussions of the Coronavirus crisis, the write-offs of bad loans in banks continued to decline for the fourth year in a row, down by 21.9% to KD522 million in the first year of the Coronavirus crisis, compared to KD668 million in 2019 but it remains , higher than the annual average of writing off bad debts since the global crisis of about KD454 million dinars.


The data indicate two very important indicators. The first is that banks have been able to maintain high levels of the quality of their assets, based on their financial soundness indicators and their ability to cope with shocks, through the process of continuous construction of provisions in the face of the requirements of writing off bad debts, in order to strengthen their financial repercussions.

As for the second indicator, it is that banks are not in a hurry, with regard to liquidating mortgages, especially after the Central Bank of Kuwait’s decision to stop selling the collateral pledged to them in exchange for loans and financing operations granted to customers until the stability of the markets and the improvement of economic conditions, which gives customers comfort, whether to conclude settlements, or to obtain new funds that enable them to weather the storm.

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