Arab Today, arab today credit remained strong in maynbk report
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Credit remained strong in May -- NBK report

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Arab Today, arab today Credit remained strong in May -- NBK report

Kuwait - KUNA

The National Bank of Kuwait (NBK) said in a report released on Saturday that bank credit remained strong in May ad that credit gains were led by the non-financial business sectors, which maintained a streak of healthy monthly gains. Household borrowing also remained robust. \"We expect credit to register growth of 7% or more in 2013, the strongest showing since 2009,\" the NBK report said. Total bank credit rose by a strong KD 290 million in May to KD 27.8 bn, with year-on-year (y/y) credit growth accelerating to 6.4%, the fastest pace since late-2009. Monthly credit gains thus far this year have averaged around KD 200 million, double its average for the comparable period last year. Personal facilities (ex-securities) rose by KD 104 million, maintaining the relatively healthy growth seen in the sector. Year-on-year growth accelerated to 18% boosted by strong demand and a healthy household sector. The coming months are likely to see this trend continue. Borrowing for the purchase of securities saw a noticeable drop in May, the largest in more than three years. The decline coincided with a correction in the KSE index. Facilities for the purchase of securities dropped KD 51 million, with y/y growth falling to -1.4%. Meanwhile, credit to non-bank financials was up a small KD 6 million in May, in contrast to the deleveraging trend seen in this sector. Credit is still down 17.3% from a year ago. Non-financial business activity saw a big jump in May (KD 181 million), further supporting the recent accelerating growth trend. Y/y growth reached 4. 9%. Gains during the month were primarily in the other\" category. Construction and real estate also recorded noticeable gains. Private sector deposits saw yet another big jump in May. Deposits were up a total of KD 584 million, exclusively in local currency. But contrary to recent trends, the bulk was in time deposits, which added a noticeable KD 652 million. Sight deposits were also up a good KD 156 million. Meanwhile, saving and foreign currency deposits declined (KD 148 million, KD 76 million respectively). \"As a result, broad money (M2) expanded strongly in May adding KD 664 million (2.1%), with y/y growth accelerating to 10.8%. The narrower measure (M1) increased by a smaller KD 236 million. \"Deposit rates on dinar time deposits remained steady at current low levels. Average rates for the 1-month, 3-month remained unchanged at 0.56%, 0. 75%. The 6-month and 12-month deposit rates fell 1 bp and 2 bps and averaged 0.95% and 1.14% respectively.  

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