A weaker aggregate economy has done little to dent the 2023 performance of Kuwait’s banks, which have reaped the benefits of higher interest rates to post strong profitability figures.
Although gross domestic product contracted by 0.7 per cent in 2023 on the back of lower oil prices and production, the sector-wide net profits of nine of the country’s largest domestic lenders increased by 28.7 per cent to Kd1.5bn ($4.9bn), according to data compiled by Kamco Invest.
