Kuwaiti banking sector record highest budget ever in 2021 driven by the positive performance of credit facilities.
23 March 2022, 12:00 AM
31 March 2022, 12:00 AM
Kuwait’s banking sector budget expanded to 91 billion dinars ($299 million) in 2021, its highest level ever, driven by the positive performance of credit facilities, the central bank said in a statement.
Kuwaiti banks possessed a capital adequacy ratio of 19 percent, exceeding the international standard of 10.5 percent.
Net profits of the sector for the year 2021 were close to pre-pandemic levels, which totaled 961 million dinars, it added.
Mohammed Al-Hashel, governor of the central bank said that Kuwaiti banks’ financial statements for 2021 confirm the resilience and ability of the sector to overcome crises and continue to serve the national economy without interruption.