From The Report: Kuwait 2024
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Increased oil revenue, consolidation and new digital offerings are fuelling the sector’s growth potential. Kuwait’s banks are among the largest and most robust in the region, ranking first in the GCC in terms of average net growth in total banking assets and net profit for 2022. Although supply chain constraints saw global oil prices tumble in 2020, Kuwait’s economic fortunes, and those of its banks, rebounded, with 2022 recording the highest credit growth since 2015. Competition is increasing in the digital banking segment, with the drive for digitalisation at full speed as banks try to cut costs, improve efficiencies and deliver more flexible services to customers.

This chapter contains interviews with Basel Al Haroon, Governor of the Central Bank of Kuwait; Isam Al Sager, CEO of the National Bank of Kuwait; and Sheikh Ahmad Duaij Jaber Al Sabah, Chairman of the Commercial Bank of Kuwait.