800 million dinars increase in market value
  • 8 banks achieved remarkable price gains issued by Gulf Bank by 17.5%
  • 6% annual increase in the profits of the banking sector with each increase of 25 basis points

The Central Bank of Kuwait decided to raise interest rates twice within less than two months, as the first time was on March 16 by a quarter of a percentage point from 1.5% to 1.75%, starting from March 17, and the second time was last Thursday, the 5th of this month, by raising interest again by a quarter point. percentage from 1.75% to 2%. These increases in the discount rate came within the framework of the Central Bank of Kuwait’s relentless efforts to confront the geopolitical repercussions and global monetary policy trends.

With this repeated rise in interest rates, the banking sector benefited during the above-mentioned period with a remarkable price increase that led to an increase in the market value of the sector by 2.9%, about 800 million dinars, as the market value of the banking sector increased by the end of last Thursday’s session to 28.2 billion dinars, from 27.4 billion dinars. In the March 16 session, coinciding with the first decision of the Central Bank to raise interest rates.

The increase in the market value of the banking sector constitutes 21% of the total increase in the market value of the Stock Exchange in general during that period, which is estimated at 3.8 billion dinars, as the value reached at the end of the last trading session 49.7 billion dinars, compared to 45.9 billion at the end of last March 16 session.

The decision to raise interest rates contributes to increasing the growth of banks’ profits, according to banking circles, as they expected that each 25 basis points hike, equivalent to 0.25%, would increase banks’ profits by about 6% annually.

The banking community stated that raising the interest will have a positive effect on the improvement of the net interest margin, pointing out that the amount of improvement depends on the decisions of the Central Bank to raise the discount in terms of the number of raising times and their timing in 2022.

According to a monitoring prepared by “al-Anbaa” during the period from March 16 to this 5, the following was found:

– 8 out of 11 banks witnessed remarkable price increases during that period, compared to a decline in the price value of 3 banks during a correction wave that the market witnessed before Eid.

– Gulf Bank came first with a price increase of 17.5%, as the market share price rose from 308 fils to 362 fils, as shown in the attached table.

– Al Ahli Bank of Kuwait came in second place, with an increase of 14.3%, with an increase of 40 fils during the monitoring period.

Burgan’s stock came third, with an 8.9% increase in price, with an increase of 25 fils.

Boubyan stock came in fourth place, achieving an increase of 7.1%.

Fifthly, the united stock rose 6.9%, equivalent to 22 fils.

– Ahli United Bahrain came in sixth place, up 5.3%, with an increase of 16 fils.

The International Bank, KIB, came in seventh place with a gain of 5.1%, with a price increase of 12 fils.

Eighthly, KFH share came with a 0.5% increase in value, with a price increase of 5 fils, from 990 fils to 995 fils.

By Editor

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