The Banking Executive Magazine - April 2022 Issue

Kuwaiti Banks’ Credit Credit at Kuwaiti banks witnessed a monthly increase during February, reaching its highest level in history, recording a level of KD 43.162 bil- lion, an increase of 1.04%, equiva- lent to KD 448 million, compared to last January, in which credit was at a level of KD 42.714 billion, while credit increased annually by 7.87 %, with a value of KD 3.152 billion, compared to its levels in February 2021, during which the level of KD 40 billion was recorded, according to the data of the Central Bank of Kuwait for the month of February 2022. The Central Bank’s data shows con- sumer loans directed towards the purchase of durable goods and cars witnessed a slight monthly decline by 0.01% or KD 300,000 during dur- ing February, to reach KD 1.837 bil- lion, compared to KD 1.838 billion last January, while recording a signif- icant annual growth of 14.03% com- pared to February levels of last year, amounting to KD 1.611 billion. While the installment loans granted to Kuwaitis for renovating or pur- chasing private housing increased by more than 0.68% during February to reach KD 14.6 billion, compared to KD 14.5 billion last January. It also recorded a strong annual growth of 13.5% compared to the levels of February last year of KD 12.864 billion. Loans directed towards the purchase of securities also increased, with a monthly increase of 5.1%, to record a level of KD 2.910 billion during during February, compared to KD 2.769 billion last January. It also recorded an annual increase of 15.43% compared to its levels in February of last year, which amounted to KD 2.521 billion. The oil and gas sector also witnessed a monthly increase of 0.86% to record the level of KD 2,220 billion during during February, compared to KD 2.201 billion last January, and it recorded an annual increase of 15.8% compared to the levels of February of 2021, which was KD 1.917 billion. the BANKING EXECUTIVE 28 ISSUE 160 APRIL 2022 KUWAITI BANKS’ CREDIT GROWTH HITS RECORD LEVELS IN FEBRUARY