Credits for Kuwaiti banks at USD 124 billion in May -- KFH

KUWAIT, July 17 (KUNA) -- Kuwait Finance House (KFH) said on Wednesday that overall credits granted to the Kuwaiti banking sector in May amounted to KD 37.6 billion (USD 124 billion), increasing by six percent per annum.
By contrast, granted credits in May 2018, reached KD 35.4 billion (USD 116 billion), the KFH said in a report, adding that the overall rose 1.1 percent on monthly basis as compared to April 2019.
Assets of credit facilities posted the highest rise in terms of value, KD 865.5 million (USD 2.8 billion), 5.8 percent, against May 2018, posting KD 15.9 billion (USD 52 billion).
Credits addressed to public institutions posted an annual rise for the first time since end of 2016 -- amounting to KD 30.2 million (USD 99 million). The report also noted growth amounting to KD 113 million (USD 366 million) in industries, commerce, agriculture and fisheries.
Facilities for public services declined on annual basis by KD 1.1 million (USD 3.6 million), one percent.
The report said the personal credit facilities in addition to those addressed to property and construction constituted the largest segment of the credit facilities where personal ones accounted to 42.3 percent of the total grants.
Tranche for property and construction settled at 27.9 percent of overall facilities in May 2019 compared to May 2018, where the share of the three sectors declined slightly accounting to 70.2 percent in May.
Credit facilities for real-estate and construction posted highest annual leap in five years, accounting 5.8 percent, reaching KD 10.5 billion (USD 34 billion) in May, whereas it climbed 0.8 percent per month. (end) mfs.rk