Despite economic stagnation, Kuwaiti banks continue to benefit from high interest rates


Despite economic stagnation, Kuwaiti banks continue to benefit from high interest rates

In 2023, Kuwait’s banks have shown strong performance despite a weaker aggregate economy. The banks have benefited from higher interest rates, leading to strong profitability figures. Even though the gross domestic product of Kuwait contracted by 0.7 per cent due to lower oil prices and production, the net profits of the country’s nine largest domestic lenders increased by 28.7 per cent to Kd1.5bn ($4.9bn), as reported by Kamco Invest.

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