The Bank ranked 35^th on the magazine’s list, confirming the strength of its financial standing and the success of its efforts in pursuing excellence and leadership

Kuwait, 9 September 2024

Burgan Bank, one of the most prominent financial institutions in the region, added a new achievement to its track record by ranking 35^th on The Banker magazine’s list of Top 100 Arab Banks in 2024. This high ranking affirms Burgan Bank’s leading position and influential role both regionally and internationally, reflects the confidence both investors and customers have in the Bank, and confirms its robust financial strength and commitment to the highest standards of governance and transparency.

Commenting on this achievement, Mr. Fadel Abdullah, Chief Executive Officer – Kuwait at Burgan Bank, said: “We are proud of this prestigious recognition, which stands witness to the success of our strategies and reflects our unwavering efforts to achieve excellence and leadership and reinforce our role as a trusted financial partner. Our ranking among the top 100 Arab banks is a culmination of our ambitious vision and tireless efforts of our talented staff, as well as an incentive for us to go the extra mile in our journey of continued innovation.”

He added: “This achievement is owed to many factors, including the prudent management adopted by Burgan Bank in enhancing its profit growth, the quality of its assets, the sustainability of its business, in addition to the strength of its capital base and the continued investment in technology and innovation.”

Mr. Fadel affirmed Burgan’s commitment to upholding its pioneering banking journey by providing integrated services and products that meet all the requirements and needs of its customers from different segments. He also underscored the Bank’s steadfast resolve to accelerate the adoption of technological solutions, in adherence to Burgan’s comprehensive strategy for digital transformation – noting that Burgan Bank has achieved good success in its digital journey, thanks to its commitment to investing in and adopting modern technologies.

On its dedicated digital transformation journey, Burgan Bank marked several notable milestones including being one of the first Kuwaiti banks to join the Gulf Payments System “AFAQ” and signing an agreement with Tata Consultancy Services (TCS) to upgrade its core banking system by introducing TCS BaNCS™ technology solutions.

It serves to note that Burgan Bank recorded solid financial results for the first half of 2024 (H1 2024), highlighting its outstanding performance and operational efficiency. During this period, the Bank achieved revenues of KD 111 million, recording a 19% year-on-year (YoY) growth. It also recorded a significant 24% YoY growth in operating profits, which amounted to KD 48 million.

Burgan Bank maintained solid financial foundations as part of its strategy and its firm commitment to being the most modern and advanced bank in Kuwait by enhancing the overall customer banking experience and making it more convenient and intuitive. In addition, the Bank remains committed to building a robust business model that focuses on enhancing operations through investment in technology and digital transformation, enhancing innovation, developing human capital, and adhering to Environmental, Social, and Governance (ESG) standards.

It is worth noting that The Banker magazine, founded in 1926, is owned by the Financial Times Group – one of the most recognized magazines with a focus on international financial affairs – and is considered a reliable source for financial analysis and data-based reports. It enables leaders and experts in the financial sector to remain up to date with the latest global trends in the financial sector and banking industry, and to make operational and strategic decisions through the specialized research and reports it publishes.