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Kuwait banks warn of millions in losses as loan repayments are delayed

Central Bank of Kuwait
Central Bank of Kuwait, 9 January 2020

A number of Kuwaiti banks have warned of millions of dollars in losses due to delays of repayments of loans amidst the outbreak of the coronavirus which is threatening the country's economy, RT reported yesterday.

Kuwaiti National Bank, the largest bank in the country, said: "The total losses due to delayed instalments by customers, housing and credit card repayments are expected to hit 130 million dinars [$422.5 million]."

Meanwhile, the Kuwait Finance House, the largest Islamic bank in the country, said that its losses are expected to hit 96 million dinars ($312.2 million).

Al Ahli Bank of Kuwait said that its expected losses could reach 14 million dinars ($45.5 million), the Commercial Bank of Kuwait expected losses of 13 million dinars ($42.3 million) and Al Khaleej Bank expected will suffer losses of 42 million ($136.6 million).

In March, Kuwaiti banks announced that repayments of individual and small and medium-size business loans can be deferred for six months – without incurring late payment fees or interest payments – in an effort to support citizens affected by the coronavirus outbreak.

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