Awards for Excellence country winners: Kuwait

Kuwait Finance House (KFH) is Euromoney’s best bank in the country this year, following a record-setting financial performance and the consolidation of Ahli United Bank Kuwait.

The bank made progress across sustainability, digital transformation, wholesale banking, treasury and social responsibility, in addition to its overall financial performance. KFH generated KD585 million ($1.9 billion) of annual net profit for the year – up 63% on the previous year and a record high for the sector.

Furthermore, 2023 was a banner year for the bank following the completion of the merger with Ahli United Bank Kuwait in February.

This is the first time KFH has taken the top spot – by assets, market capitalization and profitability – in the rankings for Kuwait.

KFH reported net operating income of KD945 million – up 31% on the year before – with a return on average tangible equity of 20.51%