KPMG publishes eighth edition of the GCC listed banks’ results

KPMG publishes eighth edition of the GCC listed banks’ results

Kuwait: With banks looking to navigate through pandemic-driven difficulties toward economic recovery and stability, KPMG published the eighth edition of its GCC listed banks’ results. Titled ‘Cautious optimism,’ the report offers a thorough analysis of the financial results and key performance indicators (KPIs) of leading listed commercial banks in the region, in comparison with the previous year, to highlight the main financial trends in the GCC countries.

Bhavesh Gandhi, Partner and Head of Financial Services, KPMG in Kuwait, said, “There are promising indicators of steady financial growth in Kuwait. Our results point out double-digit y-o-y growth in total assets and net profit by average in Kuwait, which is optimistic considering banking sector in the country is fresh off the COVID-19 crisis. It is expected that banks will press forward aggressively in certain aspects, such as digital transformation, but the collective disposition for growth will remain cautious.”

Compared to 2021, Kuwait’s banking sector witnessed the highest y-o-y growth in terms of total assets (by average) in the region, climbing by 21.4 percent. Kuwait’s banking sector’s net profit (by average) also had the most significant growth rate in the region, increasing by 36.3 percent to reach 412.9 percent for the year 2022. Kuwait’s banking