Kuwait – Mubasher: Annual growth of total deposits by Kuwait’s banking sector grew 5.6% in March 2016, from 3.8% in February, with total deposits exceeding KWD 40.9 billion, a new report by Kuwait Finance House (KFH) has shown.
This rate is the highest in one-and-a-half years and exceeds the annual growth of 3.3% recorded in March 2015 when deposits reached KWD 38.8 billion.
This growth amounts to nearly KWD 2.2 billion coincides with an annual rise in private sector deposits by more than last year’s average annual growth of 4%, KFH said in its report.
It added that government sector deposits increased by fivefold their average annual growth of 3.1% recorded in 2015.
On a month-on-month basis, deposits grew 3.6% in March, compared to KWD 39.5 billion and 2.2% m-o-m growth recorded in February.
