Kuwait Report

Elham Yousry Mahfouz, CEO of Commercial Bank of Kuwait talks about the banking sector in Kuwait.

She says, "All Kuwaiti banks have made a profit. Not all the banks have distributed the profits in cash, but more in bonus shares. It is a return for the shareholders, but not a cash return. I’m not sure how profitability will differ from one bank to another. It will be a tough year. Perhaps banks need to change some of their strategic thinking. They might postpone some plans. Or they might go aggressively with a certain line of business that they feel suitable for the market conditions now. It depends on the bank in question. In our bank, we are being very watchful of the situation. We are also watching how the government proceeds with their initiatives and projects."