Executive Summary
Despite a challenging macroeconomic backdrop, Kuwait banks have registered a 30% y/y increase in net income during FY 2023. Their interest income of rose 61.2% in FY 2023 owing to higher benchmark interest rates. However, the aggregate net loans of Kuwaiti banks have increased 4.4% y/y in FY 2023 while total deposits registered a rise of 2.9% y/y. The revenue market share of Kuwait Finance House witnessed a sharp increase of 490 bps in FY 2023 due to the completion of its merger with AUB Kuwait.
