“EFG-Hermes” revealed that the total profits of Kuwaiti banks increased by 45 percent year-on-year in the second quarter and first half of 2022, driven by strong revenues and a sharp decline in provisioning costs.
The group indicated in a report that the total cost of risk decreased to 32 basis points in the first half of 2022, compared to about 130 points in the first half of 2011 and about 150 points from 2015 to 2020. Indicating that the results of the first half of this year confirm the view on the moderate cost of risk in 2022, after making conservative provisions over the past few years.
Loan growth rose to 10 percent year on year in June, compared to 4 percent year on year last December, while the retail sector (retail) is still thriving (+14 percent year on year in June), while corporate loan growth witnessed a strong recovery after 2021, at around 6% y/y in June from 1% y/y in December.
Source (Al-Rai Kuwaiti Newspaper, Edited)
