Mubasher: The banking sector in Kuwait came in the sixth place among Arab markets in terms of asset volume, the secretary general of Union of Arab Banks (UAB) Wissam H. Fattouh said.
Kuwait’s banking sector acquired 6% of total assets in the Arab banking segment, and 7% of deposits, Al Qabas Newspaper reported, citing the top official as saying.
Local banks in Kuwait registered an asset volume of $213.7 billion (KWD 64.6 billion) in the second quarter of 2018, which is 1.6% higher than the end of 2017, Al Qabas added.
Kuwaiti banks’ total assets represented 178% of gross domestic product (GDP) in 2017, Fattouh said, adding that this confirms the large contribution of local banks in the economy of Kuwait.
Private and government deposits reached $143.9 billion (KWD 43.5 billion), an increase of 2.9%.
Loans granted to both private and public sectors amounted to $139.7 billion ($42.2 billion), a slight decrease of 0.4% when compared to the end of 2017.
The private sector’s deposits in Kuwait accounted for 84% of total consolidated assets in the second quarter when compared to the end of 2017.
Shareholders’ equity rights totalled $28.4 billion (KWD 8.6 billion) in the second quarter of 2018, Al Qabas said.
