Kuwait loan growth slows to 6.1% in 2009

18 Feb 2010

(MENAFN) A report issued by KIPCO Asset Management Company (KAMCO) showed that Kuwait’s loan growth slowed to just 6.1 percent in 2009 to total about $86.6 billion, Reuters reported.

The growth compared to 17.5 percent in the previous year and 35 percent in 2007 as the impact of the global economic slowdown took hold.

Personal facilities involving consumer loans, made up the largest part of the total portfolio of loans amounting to $727 billion by the end of 2009, or 33.4 percent, the report said.

The property and construction sector was responsible for the second largest amount of lending $28.3 billion, followed by non-banking financial institutions and then trade and industrial sectors, the report showed.

Most banks had been reluctant to extend loans to all sectors since the global financial crisis started in September 2008, the report said.

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