Mubasher: Kuwaiti banks saw their net foreign assets growing by 6.39% in October on an annualised basis, the Central Bank of Kuwait’s (CBK) statistical report showed on Wednesday.

Overall Kuwaiti banking sector’s net foreign assets totalled KWD 18.712 billion ($61.743 billion) last October, compared with KWD 17.587 billion ($58.031 billion) a year ago.

However, net assets declined by 0.87% during October, from KWD 18.876 billion ($62.285 billion) in September.

The CBK’s overall assets rose by 5.58% year-on-year in October to KWD 11.302 billion, with a 0.29% monthly increase, with foreign assets growing by 5.32% to KWD 11.081 billion.

Net assets of banks operating in the Gulf country went up by 5.43% to KWD 68.817 billion in October, compared with KWD 65.270 billion the year before, even with a 0.11% decline from the preceding month.

Kuwaiti banks’ foreign assets rose by 18.31% on year to KWD 15.698 billion during the month, from KWD 13.269 billion.

Source: Mubasher

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