Bank CEOs optimistic of sector’s growth; less certain about global economy, KPMG reports

Bank CEOs optimistic of sector’s growth; less certain about global economy, KPMG reports

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Kuwait: The after-effects of the COVID-19 pandemic transformed the business landscape, pushing financial service providers, among others, to change how they did business. In its annual Global CEO Outlook report, where about 135 bank CEOs were surveyed, KPMG discovered a surging optimism fueled by an innovation-based approach and innate commitment to organizational purpose.

Drawing from the perspectives of the CEOs, the Global Banking CEO Outlook report points out that the boardroom has been consistently confident despite the changes brought upon by the pandemic. There is an increasing belief that instilling the right culture, value and employee engagement is as crucial as, if not more, driving financial performance. According to the report, bank CEOs will be looking to mitigate top threats in cybersecurity and tax risk while also adopting inorganic strategies and embedding purpose into the very core of their being to ensure that they are on the growth path.

Speaking about the banking sector in Kuwait, Bhavesh Gandhi, Partner and Head of Financial Services, KPMG in Kuwait said, “After two years of slow growth in the banking sector, owing to the COVID-19 pandemic and low oil prices, banks in Kuwait are showing accelerated growth. The reports published listed banks till date show