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Kuwait’s bank deposits grow 8.8 pct in March y-on-y

 Kuwait Finance House

Kuwait Finance House

 Private sector and government deposits at local banks climbed to KD 37.5 billion in March 2014, compared with KD 34.49 billion a year earlier, up 8.8 percent, a report by Kuwait Finance House revealed Friday.
The report noted that the private sector and government deposits rose by 3.4 percent m-o-m as they were estimated at KD 36.28 billion in February 2014.
The private sector deposits hit KD 32.3 billion, up 3.2 percent m-o-m and 8.8 percent y-o-y, reads the report, noting that the private sector deposits were estimated at KD 31.3 billion in February 2014 and KD 26.6 billion in March 2013.
Meanwhile, the report unveiled that the government deposits jumped to KD 5.2 billion in March 2014 compared with KD 4.98 billion in February 2014 and KD 4.8 billion in March 2013, a rise of 4.5 percent m-o-m and 8.2 percent y-o-y.
It added that the government deposits share of the total local banks deposits declined by 0.1 percent to 13.9 percent y-o-y.
The KFH report said that deposits percentage in the banks’ total budgets fell from 70.7 percent to 69.3 percent y-o-y.
The banks’ credit activity constituted 78.7 percent of the total value of the deposits in March vis- a -vis 80 percent in February.

Source : KUNA Kuwait News agency


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