Updated June 29, 2023
Overview of Top Banks in Kuwait
Presently, Kuwait has 11 local banks, including 5 Islamic banks, and all of them are supervised by the Kuwait Central Bank to maintain the stability of the Kuwaiti Dinar, and it also serves as the financial adviser and the banker to the Kuwait government. Further, MNCs like HSBC, Citi-group etc., also operate in Kuwait’s banking segment.
The Industrial Bank serves finance for agricultural-related projects and industrial. Two specialized banks that the Kuwait government owns offer medium to long-term financing, focusing on Savings banks and credit facilities to its clients or customers, ensuring a smooth supply of money in the entire economy.
Under the Central Bank of Kuwait, there are three main broad categories.
- Commercial Banks
- Islamic Banks
- Specialized Banks
Further commercial banks are categorized into local branches and foreign branches. Local branches include the National Bank of Kuwait, Gulf Bank, Bank of Kuwait and the Middle East, and foreign branches are Bank of BNP Paribas, Citibank, Qatar National Bank, Bank of HSBC, Doha Bank, Bank of Bahrain, etc.
As per Moody’s, Kuwait has a stable banking system Moody’s view that the projects are government-funded, and they shall continue to boost economic growth and will, in the future, boost the business for Kuwait’s banks.
Top 10 Banks in Kuwait
Here is a list of the top 10 Banks, which are as follows:
1. National Bank of Kuwait
The National Bank of Kuwait was founded in 1952, and it was the 1st shareholding company and the 1st local Bank in Kuwait. It provides consumer and private banking, Islamic banking, Asset Management, International centre, and investment banking services. Its headquarter is situated in Kuwait City. It has handled around KD27,427.94 million of the total assets and generated a net interest income of about KD690.45 million in 2018. In the same year, the net income was around KD393.95 million.
2. Kuwait Finance House
Kuwait Finance House was founded in 2002. Kuwait Finance House (KFH) is a wholly owned that is 100% owned subsidiary of the Kuwait Finance House Kuwait. The Bank provides service treasury, retail banking and finance services, investment portfolio, corporate banking, and capital markets products. It has handled around RM9.142 billion of the total assets. Kuwait Finance House generated a net interest income of around RM509.44 million in 2017. In the same year, the net income of the Kuwait Finance House was around RM5.19 million. It employs around 9,000 employees in approximately 500 branches.
3. Burgan Bank
Burgan Bank was founded in 1977. Burgan Bank has a network of 24 branches and more than 100 ATMs. The Bank operates in segments such as Private Banking, Investment Banking, Corporate Banking, Treasury, Retail Banking, and Others. It has handled around KD5.97 billion of the total assets. Burgan Bank generated a net interest income of around KD118.94 million in 2017. In the same year, the net income of Burgan Bank was around KD55.60 million.
4. Gulf Bank
Gulf Bank was founded in 1960, and its headquarters is in Safat. Gulf Bank is one of the leading banks in Kuwait. The Bank provides services to corporate, individual, and institutional clients. It operates through Treasury, Commercial Banking, and other Investments segments. It has handled around KD6.016 billion of the total assets. Gulf Bank generated a net interest income of around KD152.63 million in 2018. In the same year, the net income of Gulf Bank was about KD56.74 million. It employs approximately 1,500 employees with about 56 branches.
5. Commercial Bank of Kuwait
The Commercial Bank of Kuwait was founded in 1960, and its headquarters is in Safat. This Bank is the 2nd oldest in Kuwait. Services included loans, credit cards, commercial banking services, and deposits. It has handled around KD4.39 billion of the total assets and generated a net interest income of around KD93.59 million in 2017. In the same year, the net income was around KD55.50 million.
6. AL Ahli Bank (ABK)
AL Ahli Bank (ABK) was established in 1967, and its headquarters is in Kuwait City. AL Ahli Bank (ABK) provides retail, corporate, and international banking services. It has handled around QAR39.88 billion of the total assets. AL Ahli Bank (ABK) generated a net interest income of around QAR834.44 million in 2017. In the same year, the net income of AL Ahli Bank (ABK) was around QAR639.71 million. It operates with 56 branches.
7. Boubyan Bank
Boubyan Bank was established in 1973 and is an Islamic bank. Bank operates into 4 segments, and the key activities of the Bank include trading in real estate and establishing investment funds, accepting deposits and other kinds of Islamic Transactions. Boubyan Bank has generated Net interest income around KD120.30 million in the year 2018. In the same year, the net income of Boubyan Bank was around KD56.210 million. It employs about 250+ employees.
8. Kuwait International Bank
Kuwait International Bank was established in 1981. The Bank caters to Kuwait with financing transactions and banking services, including deposit-taking, credit cards and direct investment. It operates through several segments: Treasury, Commercial and International, Fund Management and Institutional Banking, Retail, Investment Management, and Others. It has handled around KD2.17 billion of the total assets for 2018. It manages around 26 branches in Kuwait.
9. Industrial Bank of Kuwait
The Industrial Bank of Kuwait was established in 1973, and its headquarters is in Al-Sharq. The primary objective was to cater to and blossom the local industries and provide services, including Islamic Loans/Credit and conventional facilities to the conventional and Islamic Asset Management services, Industrial sectors. It has handled around KW671.27 million of the total assets and generated a net interest income of about KW17.37 million in 2017. In the same year, the net income was around KW12.53 million. It employs approximately 221+ employees.
10. Ahli United Bank
Ahli United Bank was established in 2000, and its headquarters is in Safat, Kuwait City. Ahli United Bank of Kuwait handles 110 branches across the United Kingdom and the Middle East. This Bank caters to retail, Islamic, commercial, private banking products and services, and investment. It also offers life insurance services and global fund management.
The Bank operates through 4 major segments:
- Corporate Banking
- Retail Banking
- Treasury and Investments
- Private Banking
It has handled around KD3.76 billion of the total assets and generated a net interest income of around KD25.34 million in 2018. In the same year, the net income was around KD16.82 million.
This has been a guide to Top Banks in Kuwait. Here we have discussed the 10 topmost banks in Kuwait with their financial structure. You may also look at the following articles to learn more –