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BANKING

Kuwait money supply at $27bn: CBK

March 14, 2019

Kuwait money supply at $27bn: CBK

KUWAIT: Money supply in its broad concept (M2) dropped 0.1 percent last January, in contrast to December, where it posted KD 38.5 billion ($127 billion), according to the Central Bank of Kuwait (CBK). Private sector’s deposits in local banks dropped, in January, by 0.3 percent, amounting to KD 34.2 billion ($112 billion).

Those"... Continue Reading

Central Bank asks local banks to increase number of Kuwaitis in top positions

March 4, 2019

Central Bank asks local banks to increase number of Kuwaitis in top positions

KUWAIT CITY, March 3: The Central Bank of Kuwait recently asked banks to intensify efforts to increase the number of Kuwaitis in executive positions, to reach at least 70 percent at all levels, reports Al-Rai daily quoting informed sources.

In a circular to the banks, the Central Bank said that “this trend is carried out"... Continue Reading

Kuwait Finance House using robotic assistant for loan applications

March 4, 2019

Kuwait Finance House using robotic assistant for loan applications

Kuwait Finance House (KFH) has implemented robotic process automation systems to support customer loan applications.

The robotic process automation bot, named Baitak Assistant, will handle customer loan applications and will autonomously create credit reports for applicants.

KFH"... Continue Reading

Banks request Central Bank exemptions for exceeding credit cards limit

February 20, 2019

Banks request Central Bank exemptions for exceeding credit cards limit

KUWAIT CITY, Feb 19: The banks recently discussed with the Central Bank of Kuwait (CBK) six points regarding the instructions of personal finance operations for consumer and housing purposes and issuing credit cards, reports Al-Rai daily quoting official sources. The same sources pointed out that the banks proposed to the Central Bank to accept some exceptional cases to exceed the credit limit of the card,"... Continue Reading

Burgan Bank reports record profits of KD 82.6m in FY 2018, growth of 26.6%

February 20, 2019

Burgan Bank reports record profits of KD 82.6m in FY 2018, growth of 26.6%

KUWAIT: Burgan Bank Group (Burgan) reported its financial results for fiscal year 2018 with a strong growth of 10.8 percent in its revenue to KD 265.3 million ($878.1 million). Burgan’s net income grew strongly by 26.6 percent from KD 65.2 million ($214.9 million) in FY’17 to KD 82.6 million ($273.5 million) in FY’18.

These"... Continue Reading

AUB reports 12.7% surge in 2018 net profit

February 20, 2019

AUB reports 12.7% surge in 2018 net profit

KUWAIT: Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of $697.5 million for the year 2018, representing a rise of 12.7 percent as compared to the net profit of $618.7 million in 2017. The net profit in Q4/2018 was $169.3 million as compared to $150.0 million in Q4/2017.

Operating income"... Continue Reading

Central Bank: Less than 1% of debtors have trouble repaying

February 19, 2019

Central Bank: Less than 1% of debtors have trouble repaying

KUWAIT: The government reaffirmed yesterday keenness on enforcing justice and equality among all citizens, while also preventing any measure that would undermine the national economy, following a briefing by the state’s top banker. The government was reacting to a briefing by Governor of the Central Bank of Kuwait Mohammad Al-Hashel on consumer loans, and explained that less than one percent of debtors"... Continue Reading

Boubyan Bank maintains Its top customer service position in Kuwait

February 18, 2019

Boubyan Bank maintains Its top customer service position in Kuwait

KUWAIT: Boubyan Bank continued being on top of the pyramid of customer service in Kuwait, supported by earning two awards from Service Hero, the international consumer-driven customer satisfaction index. The bank received the First Place Award in Customer Service as a Country Winner, for the fourth time in addition to being named the 2017 Best Islamic Bank in Customer Service for the ninth year in a row"... Continue Reading

Warba buys major AUB stake in Kuwaiti financial group

February 18, 2019

Warba buys major AUB stake in Kuwaiti financial group

Warba Bank, a leading Islamic bank in Kuwait, said it has signed an agreement with Bahrain-based Ahli United Bank BSC and its subsidiary Ahli United Bank KSCP to acquire their respective shareholding in Kuwait and Middle East Financial Investment Company, representing 75.72 per cent of the company's outstanding shares, subject to securing all regulatory approvals.

"... Continue Reading

Warba Bank acquires AUB’s share in KMEFIC

February 17, 2019

Warba Bank acquires AUB’s share in KMEFIC

KUWAIT: Warba Bank signed a sale and purchase agreement with Ahli United Bank B.S.C and its subsidiary (Ahli United Bank K.S.C.P.), to acquire their respective shareholding in Kuwait and Middle East Financial Investment Company (KMEFIC), representing 75.72 percent of the Company’s outstanding shares, subject to securing all regulatory approvals. The deal was signed in the presence of Shaheen Hamad"... Continue Reading

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