Abdulwahab AlRushood, Acting Group CEO

Kuwait City, September 03: Kuwait Finance House (KFH) Group has ranked first in the Kuwaiti banking sector in terms of growth and return on risk for this year’s Top 100 Arab Banks Rankings from The Banker, reinforcing its journey of outstanding achievements and global recognition.

The Banker's annual report has based its ranking of KFH on performance rates, annual growth, assets growth, financing portfolio, operating profits, deposits, and return on risk-weighted assets.

On this occasion, Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood, said that the recent rating by The Banker is the latest awarded to KFH among an array of international recognitions, awards, and honors. These accolades are a testament to KFH's strong financial performance, successful strategy, and meticulous action plan aimed at solidifying its top position in Islamic banking worldwide.

Al Rushood pointed out that KFH has already accomplished its goal of becoming a leader in the Islamic banking industry in the region.  This is achieved by diligently implementing an ambitious plan targeting a place among the top 100 global banks. He highlighted that the recent achievements have set the foundation for reaching this milestone.

He stated: "It is with great pleasure that we continue to receive high rankings and prestigious awards from prominent international organizations, which validate KFH’s exceptional performance and leadership and reflect the trust and confidence of our shareholders and customers, the most significant form of recognition."

Al Rushood explained that KFH is continuing its efforts towards achieving balanced growth with deliberate risks assessments and high-quality assets, while focusing on core banking activities, raising the pace of operational performance as well as concentrating on digital transformation and innovation. Thus, enhancing KFH’s role in serving its customers and the national economy, and developing the Islamic banking industry.

Founded in 1926, The Banker is the world’s premier banking and finance resource, providing comprehensive economic and financial information. The Banker holds a highly esteemed position and is considered one of the most trustworthy publications in the banking industry in the region. It upholds the highest standards of journalistic excellence in the field of finance, precise reporting, thorough analysis, professionalism, and integrity.

It is worth noting that KFH reported record net profit of KD 584.5 million attributable to the shareholders of the bank for the year ended 2023, an increase of 63.4 % compared to 2022. The historic profits are the highest-ever recorded in the Kuwaiti banking sector. Net financing income in 2023 reached KD 965.9 million, an increase of 20.7% compared to the previous year 2022. Net operating income for the year ended 2023 reached KD 945.4 million, an increase of 30.7% compared to last year, in addition to recording an increase in all key financial indicators.