2.5 BILLION DINARS LOANS GRANTED BY BANKS IN 5 MONTHS

  • 07/07/2022

Kuwait City: The credit granted by the Kuwaiti banking sector continued its growth rates during last May, bringing all types of loans granted to all economic sectors by about 2.5 billion dinars within 5 months of 2022, as credit facilities achieved a new record level at 44.8 billion dinars at the end of last May.


On a monthly level, the credit granted by Kuwaiti banks increased during last May by 1.6 percent, with a value of 722 million dinars, compared to last April, which reached the level of credit at the end of 44.1 billion dinars.

This rise coincides with the clear recovery of the Kuwaiti economy since the beginning of this year, supported by the rise in oil prices to record levels and the gradual improvement in the pace of consumer spending.

The increase in consumer loans granted to purchase durable goods and cars continued for the fourth consecutive month, recording a monthly increase of 0.75%, with a value of 14 thousand dinars during last May, to reach 1.86 billion dinars, compared to 1.85 billion dinars in last April.

While the installment loans granted to Kuwaitis for the purpose of repairing or buying private housing increased by 1% during last May to record a level of 14.99 billion dinars, compared to 14.84 billion dinars at the end of last April, and recorded strong annual growth of 13.9% compared to levels in May last year of 13,160 billion dinars. In addition, credit growth was enhanced with the increase in the growth of loans directed to the purchase of securities, with a monthly increase of 13.5% to record a level of 3.509 billion dinars during last May, compared to 3.091 billion dinars in last April, and also recorded an annual increase of 38.97% compared to its levels in May of last year. And amounting to 2.525 billion dinars.

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