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Kuwait's banking sector assets rise 0.9% m/m in December 2013

February 16, 2014

Asset held by commercial banks in Kuwait grew by 0.9% m/m to KWD 51.48bn (USD 182.43bn), while liabilities increased by 0.1% m/m to KWD 44.49bn in December 2013, central bank monthly bulletin reported.

Aggregate banking sector asset growth was driven by a reversal of the former month's decline in foreign assets and local interbank deposits with foreign assets rising by 5.4% m/m to KWD 10.17bn and local interbank deposits increasing by 20% m/m to KWD 1.26bn.

Moreover, total bank claims on private sector companies and individuals increased by 0.2% m/m to KWD 31.12bn. However, bank assets growth was moderated by a 46% m/m fall in sight deposits with the central bank to KWD 529mn and a 1.8% m/m decline in time deposits with the central bank to KWD 2.91bn.

Meanwhile, aggregate liabilities held by commercial banks in Kuwait rose by 0.1% m/m in December to KWD 44.49bn on the back of private sector sight deposits increasing by 3.2% m/m to KWD 7.36bn and local interbank deposits rising by 20% m/m to KWD 1.25bn. Overall rise in liabilities was mitigated by a 1.8% m/m drop in government deposits and a 3.6% m/m decline in other liabilities to KWD 3.88bn.

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Source: IntelliNews - Weekly Reports

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