Kuwaiti banks’ profits rise 8.1% to reach KD 1.66 billion in 2024
The National Bank of Kuwait and Kuwait Finance House accounted for 72.4% of total profits, or KD 1.2 billion, despite escalating economic and geopolitical challenges both in the region and globally.
• The assets of Kuwaiti banks surge 4.8% to reach KD 123.3 billion in 2024 compared to KD 117.59 billion in 2023. NBK and KFH together accounted for 62.5% of total bank assets, amounting to KD 77 billion.
Kuwait’s banking sector achieved record results last year despite escalating economic and geopolitical challenges in the region and globally. Bank profits grew by 8.1% in 2024, reaching KD 1.66 billion, up from KD 1.53 billion in 2023. The National Bank of Kuwait (NBK) and Kuwait Finance House (KFH) dominated, accounting for 72.4% of total profits, or KD 1.2 billion. NBK’s profits rose by 7% to KD 600.12 million, while KFH saw a 3% increase, reaching KD 560.62 million, Al Qabas newspaper reported.
The increase in NBK’s profits is mainly driven by the growth in net operating revenues, which rose by 7.2% to approximately KD 1.25 billion, and a decline in credit and impairment losses. However, this was partially offset by higher operating expenses and taxes.
For KFH, the rise in revenues from the group’s core activities in 2024 contributed to its profit growth. Total operating revenues increased by 11.6%, including an 18.7% rise in net financing revenues, though this was partially offset by higher total operating expenses and net cash losses compared to the previous year.
Profitability growth
Commercial Bank recorded the highest profitability growth among banks at 41.4%, reaching KD 157.19 million in 2024, up from KD 111.15 million in 2023. Kuwait International Bank (KIB) ranked second with a 20.89% increase, posting profits of KD 23.07 million in 2024, compared to KD 19.09 million in 2023. Boubyan Bank secured third place with a 20% growth, bringing its profits to approximately KD 96.8 million, up from KD 80.4 million in 2023.
Growth in assets
In terms of assets, Kuwaiti banks saw a 4.8% increase in 2024, reaching KD 123.3 billion, compared to KD 117.59 billion in 2023. NBK and KFH together accounted for 62.5% of total bank assets, amounting to KD 77 billion.
NBK’s assets grew by 17% to approximately KD 7.37 billion, up from KD 6.28 billion in the previous year. Commercial Bank ranked second in asset growth, with an 11.7% increase to around KD 4.66 billion, compared to KD 4.17 billion in 2023. Meanwhile, bank liabilities grew by 4.8% to approximately KD 106.47 billion, up from KD 101.57 billion in 2023.
Revenue and operating profit
The increase in operating revenues contributed to higher net profits for several banks, reaching approximately KD 4.1 billion in 2024, up from KD 3.74 billion—a growth of 9.6%.
Meanwhile, the operating profits of the nine banks rose by 7.6%, reaching KD 2.43 billion compared to KD 2.26 billion in 2023.
Kuwaiti banks’ Q4 profits reach KD 415 million
The fourth quarter was particularly strong for banks, accounting for 25% of the total profits of the nine banks in 2024. Total fourth-quarter profits reached approximately KD 414.9 million, reflecting a 20.3% increase from KD 344.8 million in 2023.
NBK led with KD 143.09 million, representing 34.5% of total fourth-quarter profits, followed by KFH in second place with KD 118.87 million, accounting for 28.6%.
