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Thursday , March 30 2023

Kuwaiti banking sector at A1 with stable outlook: Moody’s

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‘Kuwait’s oil production expected to expand until 2027’

KUWAIT CITY, Feb 1: According to Moody’s credit rating agency, Gulf banks entered the year 2023 with a strong financial position, reports Al- Qabas daily. In its report, the agency explained that continued economic growth, moderate inflation and strong financial performance lead to stable expectations of banks in the region, rating the Kuwaiti banking sector at A1 with a stable outlook. There are expectations that oil production will expand in Kuwait until 2027.

The percentage of non-performing loans in Kuwaiti banks will remain at less than 2 percent of the total bank loans in 2023. The loan loss provisions fully give non-performing loans in Saudi Arabia, Kuwait, Qatar, Oman and Bahrain, which provides an additional degree of basic capital protection. The non-performing loans do not exceed an average of 16 percent of equity and provisions in Gulf banks.

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