Lenders in Iraq have seen their assets jump in double digits on the back of growth in bank deposits, according to brokerage firm Rabee Securities.

Total assets of commercial banks in Iraq went up by 15.1% year-on-year to $156.7 billion at the end of 2023, driven mainly by the 15.3% increase in deposits to $101.9 billion, Rabee Securities noted.

The value of current deposits reached $82.1 billion, rising by 17.2% and accounting for the bulk (80.5%) of the total deposits in the banking sector. Saving deposits and term deposits accounted for 12.2% and 7.2% of total deposits in the Iraqi banking sector.

Private sector deposits stood at $43.2 billion, up by 14.7%, while Central Government deposits recorded a 22.7% growth to reach $36.1 billion.

Deposits of public institutions also went up by 6.1% to $22.6 billion.

The country’s banking sector also posted “outstanding” growth in cash credits, which jumped by 27.4% to $52.9 billion.

Iraq is home to 61 commercial banks, which include 7 state banks and 54 private banks.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com