Arab Today, arab today nbk credit growth exceeded expectations last october
Last Updated : GMT 21:40:46
Arab Today, arab today
Arab Today, arab today

NBK: Credit growth exceeded expectations last October

Arab Today, arab today

Arab Today, arab today NBK: Credit growth exceeded expectations last October

Kuwait - KUNA

A specialized report issued by the National Bank of Kuwait (NBK) said on Monday that credit growth exceeded expectations in October, recording the largest monthly gain in five years. The non-financial sector drove the increase while household credit was weaker than in recent months. Money supply continued its healthy expansion following gains in time and foreign deposits, according to the report. Bank credit increased by 391 million Kuwaiti dinars in October, pushing year-on-year (y/y) growth to 7.8%. October's data confirms the accelerating trend in credit growth which exceeded previous expectations. October's strength was particularly visible in growth of non-financial business credit which accelerated to its most rapid pace since the financial crisis, it noted. The report pointed out that household credit grew at a more moderate pace gaining by KD 47 million. Growth eased to 16.7% y/y from the 18% pace maintained over the past five months. Despite this, the sector remains the largest contributor to credit growth accounting alone for 29% of total credit and about half of all credit gains year-to-date. The non-financial business sector's strong gain of KD 365 million was behind October's exceptional performance. Growth in credit to the sector accelerated to 7.3%. An unusual increase of KD 71 million in credit to the oil gas sector coupled with strong increases in lending to the trade and real estate sectors helped propel the sector in October, it added. Meanwhile, the non-bank financial sector remained in deleveraging mode, registering a KD 21 million drop in credit. Year-on-year, the sector's debt to the domestic banking sector shrank by 19%. Private sector deposits saw a second consecutive month of sizeable gains, adding KD 468 million on the month. KD time deposits (+KD 171 mn) and foreign deposits (+KD 209 mn) drove the increase, while dinar sight deposits and savings deposits experienced modest growth. As a result, money supply saw another strong month. Broad money (M2) expanded by KD 466 million, leading year-on-year growth to accelerate to 10.6% from 9.6% in October. The narrower M1 measure increased by only KD 72 million, with growth slowing to 19% from a month ago. Deposit rates on dinar time deposits remained steady at relatively low levels. Average rates remained unchanged for 1-month, 3-month, 6-month, and 12-month time deposits at 0.56%, 0.74%, 0.94%, and 1.12%, respectively, the report concluded.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nbk credit growth exceeded expectations last october Arab Today, arab today nbk credit growth exceeded expectations last october

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nbk credit growth exceeded expectations last october Arab Today, arab today nbk credit growth exceeded expectations last october

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday