On the occasion of World Banking Day, Prof. Yaqoub Al-Sayed Yousef Al-Rifaei, Secretary General of the Kuwait Banking Association, praised the pivotal role played by the Kuwaiti banking sector in supporting the national economy, achieving sustainable development and enhancing financial stability.
On this occasion, Al-Rifaei said that the banking sector is a strategic partner in supporting economic growth in the State of Kuwait and plays a pivotal role development by financing infrastructure projects such as electricity, water, roads and oil facilities, in addition to housing, education, health and sustainable projects.
Al-Rifaei also stressed the strength and stability of the banking sector, thanks to the prudent policies of the Central Bank of Kuwait and its proactive control of financial risks, which made the sector a fundamental pillar of economic growth and a fertile environment for financial innovation.
Al-Rifaei indicated during his statement that the banking sector enjoys financial safety indicators that confirm its strength, high solvency, asset quality and high liquidity rates.
Al-Rifaei pointed out that by the end of the first half of 2024, the capital adequacy ratio reached 18.1%, while the ratio of non-performing loans to total loans reached 1.7%, and the coverage ratio of non-performing loans reached 245.7%, according to the quarterly statistics issued by the Central Bank of Kuwait by the end of June 2024.
He added that Kuwaiti banks continued to commit to social responsibility and sustainability efforts, so that the banking sector would be at the forefront of sectors in social spending, with the total contributions of Kuwaiti banks in this field during the period (1992-2023) amounting to 890 million Kuwaiti Dinars.
The banking sector in Kuwait also continues its commitment to meeting customer needs, enhancing financial inclusion, and contributing to building a prosperous and balanced future, which enhances its position as one of the pillars of economic progress in the country.
Al-Rifaei concluded by stressing that the Kuwaiti banking sector will continue to lead the economic and financial progress of the State of Kuwait under the wise leadership of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah.
