Connect with us

Published

on

Summary:

Kuwait’s banking sector experienced strong growth in 2023, highlighted by key performance indicators such as net provision charge on loans and capital adequacy ratio, according to a KPMG report.

In a testament to the enduring strength of Kuwait’s financial landscape, the banking sector experienced robust growth in 2023, marked by significant advancements in key performance indicators such as net provision charge on loans, capital adequacy ratio, and coverage ratio on stage 3 loans, as outlined by leading tax advisory firm KPMG.

Emphasizing the sector’s resilience within the region, KPMG unveiled the ninth edition of the GCC listed banks’ results, titled “Adaptation and Growth,” providing a concise overview of the financial performance of major commercial banks for the year ending December 31, compared to the previous year.

Despite global economic headwinds, the GCC economies demonstrated remarkable strength, with a notable 23.1% surge in net profit to reach $53.2 billion in 2023. Total assets and share prices also experienced significant upticks, rising by 8.1% and 7.7%, respectively.

Furthermore, key financial metrics including capital adequacy ratio, cost-to-income ratio, net interest margin (NIM), return on equity, and return on assets showed positive trends, albeit marginal.

The report attributes the decline in the overall non-performing loan (NPL) ratio to banks’ cautious credit risk management strategies.

KPMG’s analysis identified eight primary financial trends driving the sector’s performance, including robust asset growth, increased profitability, improved NIM, reduced NPL ratio, and strengthened capital adequacy.

Bhavesh Gandhi, Head of Financial Services at KPMG in Kuwait, highlighted Kuwait’s commendable year-on-year growth in various metrics, underscoring the effectiveness of the banks’ forward-thinking strategies.

On a bank level, National Bank of Kuwait demonstrated the highest year-on-year growth in net provision charge on loans, while Kuwait International Bank excelled in coverage ratios on loans.

Looking ahead, KPMG professionals anticipate effective NPL management, balanced growth, healthy NIMs, and continued focus on cost control in 2024. They also predict an increased emphasis on ESG initiatives, AI integration, Regtech adoption, and potential consolidation within the banking sector.

WhatsApp Follow Button

Follow @examinerug

Your Page Title

The Black Examiner®.
We come to you.

Want to send us a story or have an opinion to share? Send an email to editorial@examiner.co.ug or Join Our WhatsApp CHANNEL

https://examiner.co.ug/business/kuwaiti-banking-sector-flourishes-in-2023-kpmg-report-reveals/?utm_source=rss&utm_medium=rss&utm_campaign=kuwaiti-banking-sector-flourishes-in-2023-kpmg-report-reveals

News

Ugandan Citizen Abducted, Held in Secret Detention for Three Months, Sparks Outrage and Calls for Justice

Published

on

A disturbing new case of unlawful detention has surfaced, highlighting the ongoing human rights crisis in Uganda. A Ugandan citizen was reportedly abducted and held in a secret facility, known as a “safe house,” for three months, only to be released without charge or explanation. This incident, reported by NTV Uganda, has sparked widespread condemnation and renewed calls for accountability regarding human rights abuses in the country.
While the details surrounding the abduction remain unclear, reports indicate that the individual was taken without due process and held incommunicado—an action that has long been condemned by human rights organizations. The victim’s release, with no charges filed and no clear justification, has angered activists and citizens, who view this as yet another case of egregious abuse of power by the state.
“This is a recurring pattern,” said one human rights activist. “Abductions, secret detentions, and unexplained releases have become all too common in Uganda. These acts violate fundamental human rights and erode public trust in the justice system.”
The use of “safe houses,” unregistered detention facilities reportedly operated by security forces, has been a focal point in numerous allegations of torture and illegal imprisonment. Despite repeated calls from both local and international organizations for their closure and accountability for those involved, little action has been taken to address these violations.
This case underscores the urgent need for reform within Uganda’s security apparatus and greater accountability for human rights abuses. Observers hope that drawing attention to these injustices will spur concrete action to bring those responsible to justice and ensure the protection of basic human rights.
As frustration mounts, calls for both domestic and international pressure to hold the government accountable for such crimes grow louder. “One day, there must be accountability for all these crimes against our people,” stated one social media user, reflecting the sentiments of many Ugandans.

Ugandan Citizen Abducted, Held in Secret Detention for Three Months, Sparks Outrage and Calls for Justice

Continue Reading

News

NUP Gathering Disrupted: Kyagulanyi Alleges Security Force Harassment and Arrests

Published

on

National Unity Platform (NUP) President Robert Kyagulanyi has accused Ugandan security forces of using excessive force to disrupt a planned NUP gathering. The allegations were detailed in a statement shared on Twitter, following an event held to honor children of NUP supporters who were killed, disappeared, or detained for their political beliefs.
According to Kyagulanyi, security personnel, under the command of an officer identified as Asiimwe, carried out a preemptive operation early in the morning upon learning of the NUP’s plans. The forces allegedly stormed the premises, arrested workers, and deployed tear gas to disperse those present.
“The criminals under the command of one Asiimwe deployed early morning, arrested our workers, and threw tear gas into our premises. They’ve cordoned off the premises and blocked all people from accessing the place,” Kyagulanyi wrote.
Among those reportedly arrested were Saava Peter, Mudenya Samson, and Turyasingura Samson. Kyagulanyi claimed the detained workers were subjected to beatings and interrogated about their political affiliations, with security operatives labeling them as terrorists.
“These JATT operatives asked the workers who they support politically, branding them terrorists and criminals—their only crime being that they work with us. You can imagine the indignity!” Kyagulanyi lamented.
This incident adds to the growing tension in Uganda’s political climate, where opposition parties frequently accuse the government of stifling dissent. Despite the challenges, Kyagulanyi ended his statement with a message of defiance and optimism, proclaiming, “UGANDA WILL BE FREE.”

NUP Gathering Disrupted: Kyagulanyi Alleges Security Force Harassment and Arrests

Continue Reading

News

Sudan Demands Apology from Uganda Over Army Chief Muhoozi Kainerugaba’s Threat to Invade Khartoum

Published

on

Sudan has demanded an official apology from Uganda over “offensive and dangerous” comments made by the chief of Uganda army staff, who threated to invade Khartoum, the Sudan Tribune has reported.
General Muhoozi Kainerugaba, son of Ugandan President Yoweri Museveni and CDF of the Ugandan army, posted two comments on the X platform on Tuesday in which he threatened “to capture Khartoum” with the support of the US President elect Donald Trump after he takes office. The posts were deleted later.
“The government of Sudan demands and official apology from the Ugandan government for the offensive and dangerous comments of the army commander,” Sudan’s foreign ministry said in a statement that the Sudan Tribune said it has seen.

Sudan Demands Apology from Uganda Over Army Chief Muhoozi Kainerugaba’s Threat to Invade Khartoum

Continue Reading

Trending

Copyright © 2024