RIYADH: Kuwait’s banking sector budget expanded to 91 billion dinars ($299 million) in 2021, its highest level ever, driven by the positive performance of credit facilities, the central bank said in a statement.
Net profits of the sector for the year 2021 were close to pre-pandemic levels, which totaled 961 million dinars, it added.
Kuwaiti banks possessed a capital adequacy ratio of 19 percent, exceeding the international standard of 10.5 percent.
Kuwaiti banks’ financial statements for 2021 confirm the resilience and ability of the sector to overcome crises and continue to serve the national economy without interruption, said Mohammed Al-Hashel, governor of the central bank.