Customer deposits at local banks reach over KD 57 bln

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Consumer loans hit KD 53.5 bn at H1 of ‘20

KUWAIT CITY, Aug 18: In the face of challenges and crises, Kuwaiti banks rely on a solid financial position at the level of all its components, in terms of continuous assets growth in the credit portfolio and liabilities where the deposit base is stable, broadening to support liquidity levels, as well as shareholders’ rights with huge reserves and strong capitalization, reports Al- Anba daily. Despite the economic repercussions of the corona pandemic and the declining oil prices reflected on the operating environment, loans are the most prominent element besides assets.

The daily observed the total customer deposits at 10 Kuwaiti banks that announced their semi-annual financial results for the current year increased by 12 percent, as customer deposits reached 57.2 billion dinars at the end of June, compared to 51.3 billion dinars in the same period last year, with an increase of 6.2 billion dinars. The total customer loans and advances of the 10 Kuwaiti banks also increased ≠ with growth rate of 9 percent, as consumer loans and advances in the past six months (as at the end of June) reached 53.5 billion dinars, compared to 49.3 billion dinars in the same period last year, indicating an increase of 4.2 billion dinars.

Deposits
The National Bank came first in terms of customer deposits with a value of 17.56 billion dinars and annual growth rate of 16 percent compared to 15.45 billion dinars in the same period last year. In second place was Kuwait Finance House (KFH) that recorded customer deposits amounting to 14.58 billion dinars and annual growth rate of 14 percent, compared to 12.83 billion dinars in the same period last year.

Boubyan Bank came third with customer deposits amounting to 4.71 billion dinars and annual growth rate of 19 percent compared to 3.98 billion dinars in the same period of 2019. Burgan Bank took the fourth place with customers deposits of 4.26 billion dinars and annual growth rate of 2 percent compared to 4.17 billion dinars in the previous year. The Gulf Bank ranked fifth with its volume of customer deposits amounting to 3.91 billion dinars, representing a growth rate of 3 percent, compared to 3.8 billion dinars in the same period last year.

The National Bank ranked sixth with the volume of its customer deposits amounting to 3.4 billion dinars and recording an annual growth of 8 percent compared to 3.14 billion dinars last year. In the seventh place was Al-Ahli United Bank that came with a deposit volume of 2.78 billion dinars and a growth rate of 11 percent compared to 2.49 billion dinars in the same period of 2019.

The Commercial Bank of Kuwait occupied the eighth place with deposits amounting to 2.33 billion dinars and annual decline of 3 percent compared to 2.39 billion dinars in the previous year, while Warba Bank came ninth with the volume of its customer deposits reaching 2.07 billion dinars, representing an annual growth rate of 30 percent compared to 1.59 billion dinars.

This is considered the largest in terms of annual growth. Lastly, KIB came with deposits of 1.57 billion dinars and an annual change rate of 10 percent, compared to 1.42 billion dinars the previous year.

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