07/12/2024
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07/12/2024
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KUWAIT CITY, Dec 07: Kuwait Finance House (KFH) was named Bank of the Year 2024 - Kuwait by The Banker, a leading financial publication owned by the Financial Times Group.
KFH's second consecutive win of this prestigious award underscores its excellence and leadership in the Kuwaiti banking sector. It further solidifies its position as Kuwait's largest bank by market capitalization and the world's second-largest Islamic bank.
Aligning with the criteria for selecting winners, The Banker Awards recognize institutions that demonstrate strong financial performance and strategic advantages, such as investing in new technology or innovating to expand their business and increase customer satisfaction.
A panel of global industry experts judges the Banker Awards, considering criteria and performance improvements over the past 12 months.
Deputy General Manager Corporate Banking and Syndication at KFH, Nasser Alshaya received the award at The Banker Awards ceremony, held in London, in the presence of CEOs, CFOs, and senior executives from financial institutions worldwide.
Record financial performance
Alshaya expressed KFH's pride in this global recognition, highlighting the bank's leading position and its consistent ability to achieve record performance. This achievement reflects KFH's solid institutional approach and ambitious vision, aligned with the latest global banking trends.
He emphasized that KFH remains committed to sustainable growth, underpinned by prudent risk management and investment in high-quality assets. By focusing on core banking activities, operational efficiency, and exceptional customer experiences for both retail and corporate customers, KFH aims to solidify its leading position in the Islamic finance industry.
Largest merger deal
Alshaya emphasized that KFH has achieved significant milestones in 2024, a testament to its immense potential. This makes it an exceptional banking entity, deserving of prestigious awards and top rankings.
Among KFH's notable achievements is the successful cross-border acquisition of the Ahli United Bank - Bahrain Group, one of the largest transactions of its kind in the region. Additionally, KFH completed the largest merger in the history of the Kuwaiti banking sector, merging with (formerly) Ahli United Bank - Kuwait. The bank integrated operational processes in record time while maintaining high efficiency. This transition was seamless for shareholders, customers, and employees.
Furthermore, the bank's strong financial performance is evidenced by its net profit for shareholders, which reached KD 482.9 million by the end of the third quarter of 2024. This marks the highest quarterly profit in KFH's history and in the Kuwaiti banking sector.
Latest digital banking solutions
Alshaya added that KFH's digital banking services and technological infrastructure have been significantly developed, in line with its strategy of building a comprehensive, high-quality digital financial services and solutions ecosystem. He noted that the bank's significant success in this area has led to a strategic shift toward enhancing customer experience and fulfilling their aspirations.
Sustainable banking model
He explained that KFH's award win reflects its success in building a sustainable banking model incorporating ESG dimensions. The bank's commitment to responsible practices and sustainability adds value for both shareholders and customers.
It's worth noting that the Bank of the Year Awards are among the most prestigious and sought-after awards in the global banking industry. These awards recognize excellence across over 120 countries worldwide.
