The net revenues of the Kuwaiti banking sector increased to $ 1.34 billion in the first quarter of 2024 compared to $ 1.26 billion for the same period of 2023. Although the specter of a rate cut could haunt the global economy, Kuwaiti banks and their Gulf counterparts still enjoy some of the best conditions seen in years. Kuwaiti banks have stepped up their efforts to increase domestic private sector deposits, with the aim of forming a low-cost deposit base in anticipation of increased economic activity.
Gulf banks are benefiting from decisions made by other markets; a delay in an expected rate cut by the US Federal Reserve is leading to a welcome increase in profitability this year, as net interest margins remain higher than expected.
Source (Al-Rai Kuwaiti Newspaper, Edited)
