NBK outmatches MENA banks with 7 awards at MEED's MENA banking excellence awards
KUWAIT: National Bank of Kuwait continues to record more wins in 2025 as it excels in providing the best and most innovative solutions. In this light, the bank took the lead at MEED International Magazine's MENA Banking Excellence Retail, Digital& SME Awards for the year 2025, receiving 7 prestigious awards for its efforts in providing exceptional banking services and enriching the customer banking experience with innovative solutions.
The awards won by NBK during the annual ceremony organized by MEED in Dubai included Best Retail Bank and Best Bank for SMEs in Kuwait, and 5 MENA awards for Best Loan Offering, Best Contactless Payment Experience, Best Payment Solution for SMEs. In addition, Weyay Bank has been recognized as the winner of MENA Most Innovative Product/Service award for Weyay Jeel's groundbreaking approach to digital banking for children, and finally, Mohammed Al-Othman, CEO of Consumer and Digital Banking Group at NBK, has been named MENA Retail Banker of the Year for the fourth consecutive year.
These awards are a testament to NBK's leadership locally and regionally and its pioneering innovative digital achievements and catering to customers' banking needs by introducing top-notch banking services and advanced payment solutions, making the name 'NBK' associated with everything new in digital banking products and services in Kuwait and across the MENA region.
Small and Medium Enterprises (SMEs)
Winning the awards for Best MENA Payment Solutions for SMEs and Best Bankin Kuwait for SMEs reflects the remarkable efforts of NBK in supporting Small and Medium Enterprises, and its local and regional leadership in providing banking services and products as well as diverse payment solutions that are quick, flexible and support the development and needs of its SMEs clients.
Al-Othman MENA Retail Banker of the Year
Naming Al-Othman as MENA Retail Banker of the Year for the fourth consecutive year reaffirms his pivotal role, and his remarkable leadership of the Consumer and Digital Banking Group team in attaining these achievements and providing a comprehensive digital banking experience that not only meets customers' needs but exceeds their expectations. This award also recognizes Al-Othman's dedication to setting ambitious goals and implementing innovative strategies that have not only had a significant impact on NBK customers, but also on the Kuwaiti and regional banking landscape, rendering him a role model for banking leaders who are driving regional progress and innovation in the industry.
NBK holds a record filled with achievements and global awards that emphasize its excellence in digital transformation and echo its commitment to being innovative and providing exceptional customer service, in addition to its commitment to making long-term relationships with customers.
Founded in 1957, MEED is a leading magazine focused on economic and business news and intelligence related to the Middle East. In partnership with leading financial services publications Retail Banker International and Private Banker International, both issued by GlobalData, MEED introduces MENA Banking Excellence Awards to celebrate the best-in-class banking and financial services institutions and individuals for their innovative offering and commitment to customer excellence.
Weyay Bank wins 'Most Innovative Product' Award for Jeel, Banking App and Card
Weyay Bank, Kuwait's pioneering fully digital bank, continues its streak of excellence and leadership in the digital banking sector, announcing its latest award; the 'Most Innovative Product' award at the MEED Banking Excellence Awards in the Middle East and North Africa 2025. This prestigious recognition celebrates 'Jeel', the Weyay's banking card and application specifically designed for the 8-14 year age group.
This achievement underscores the bank's ongoing commitment to digital innovation, building upon its previous success in being named 'Best Digital Bank in Kuwait' by MEED in 2024. Acknowledging Weyay Bank's role in setting new benchmarks within the banking industry, the 'Most Innovative Product' award for 'Jeel' highlights the digital advancements the bank champions to elevate customer experience and deliver inventive solutions catering to all age segments.
This accolade also reflects WeyayBank's steadfast dedication to leading the digital transformation within the Kuwaiti banking sector and meeting the evolving needs of the rising digital generation. Since its inception in 2021, Weyay Bank has rapidly established itself as a frontrunner in digital banking innovation, setting new standards for a seamless and round-the-clock banking experience, free from traditional processes and tailored to customer aspirations.
The 'Jeel' app, meticulously crafted to empower young individuals, foster their financial independence, and cultivate financial literacy from an early age. By integrating a simplified user interface designed for 'Jeel' customers with comprehensive parental control tools accessible through the parent's Weyay application, 'Jeel' establishes new benchmarks for personalized banking services tailored to this demographic's specific needs. The 'Jeel' card embodies simplicity and ease of use across all its digital services and features, contributing to building a sense of responsibility and financial awareness from a young age through a personalized bank card and dedicated application, also enabling the use of e-wallets like Apple Pay.
This new recognition reflects Weyay Bank's continuous commitment to providing a comprehensive digital banking experience centered around users from all segments of society, empowering them to manage their finances with ease. Weyay Bank will continue its unwavering dedication to fostering innovation and delivering the highest levels of excellence in digital banking services.
MEED, a highly respected global publication established in 1957 specializing in the analysis of economic activities in the Middle East, underscores Weyay's leading position in digital banking innovation and reinforces its valuable contributions to the development of the banking sector in Kuwait. Amidst the rapid evolution of financial services, Weyay Bank remains dedicated to its mission of redefining the concept of banking in the digital age and empowering the community to achieve growth and success in an increasingly digital world.
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Kuwait Times
42 minutes ago
- Kuwait Times
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Al-Sager added that the Bank's pre-tax profit was further supported by the release of provisions for credit and impairment losses amounting to KD 10 million, compared to a charge of KD 43 million in the six-month period ended June 30, 2024. 'Our returns remained robust, with Return on Average Assets reaching (ROAA) 1.52 percent and Return on Average Equity (ROAE) standing at 15.1 percent for the period', Al-Sager said. He explained that the Bank is confident in its ability to adapt and maintain its leadership in the local market, highlighting its readiness to navigate economic headwinds and emerge even stronger, supported by its resilience, continued investment in technology and innovation, and steadfast commitment to meeting the evolving needs of its customers. Isam Al-Sager, Vice Chairman and Group Chief Executive Officer Dividend distribution policy Regarding the dividend distribution policy, Al-Sager stated that NBK's approach remains unchanged, maintaining a sustainable framework that strikes a balance between delivering attractive shareholder returns and prudently managing capital ratios. He added that the Bank continues to prioritize effective capital planning to ensure capital levels align with its future growth ambitions, an approach it has consistently upheld and will continue to follow going forward. Al-Sager stressed that the Bank remains committed to its approved dividend policy, noting that in light of the strong growth in its loan portfolio both locally and internationally, the Bank has opted to retain interim profits until year-end, with a focus on year-end final dividend distribution. This approach provides greater flexibility to capitalize on growth opportunities as they emerge throughout the year, in alignment with the Bank's strategic priorities. He pointed out that NBK's regional and international presence plays a vital role in mitigating risks, sustaining stable returns, and enhancing operational efficiency. Furthermore, he added that the Bank remains focused on leveraging cross-selling opportunities across its diverse geographical footprint. At the same time, its wealth management arm will continue to capitalize on deep expertise to deliver a comprehensive suite of portfolio management, advisory services, and investment solutions. Meanwhile, the Bank's Islamic banking services will further strengthen their local footprint while diversifying sources of profitability. Projects market momentum Al-Sager emphasized that following a strong year of project market activity in 2024, particularly in the second half of the year, the pace of activity moderated slightly during the first half of 2025. He noted that this moderation largely reflects a normalization from the elevated levels seen last year. Nonetheless, the outlook remains encouraging, supported by a pipeline of ongoing projects valued at KD 10 billion, signaling the government's continued commitment to advancing its development and reform agenda. Al-Sager affirmed the Bank's ongoing commitment to sustainability and the advancement of its sustainable finance agenda, highlighting the recent publication of its first Green Bond Allocation and Impact Report, as well as its inaugural TCFD Report. These disclosures underscore NBK's efforts to enhance transparency and accountability in its ESG and sustainable finance strategy. They also reflect the Bank's significant progress in integrating climate considerations across its operations, with a strong emphasis on portfolio diversification and climate risk management. Meanwhile, Sujit Ronghe, Group Chief Financial Officer at NBK, stated that the Group continues to demonstrate strong operational momentum, driven by robust growth in business volumes, most notably across the loan and investment portfolios. He added that the Group continues to benefit from the strength of its loan portfolio, which demonstrates high asset quality and a well-considered diversification of growth sources. Ronghe explained that key business segments made strong contributions to net profit in the first half of 2025, highlighting their effectiveness as core pillars of the Group's diversification strategy and their role in reinforcing profit resilience. He stressed that NBK Group continues to leverage its unique competitive advantages among Kuwaiti banks, particularly its broad geographic footprint and its ability to operate across both conventional and Islamic banking. Amid growing concerns over the impact of the ongoing tariff war and its implications for the global business landscape, Ronghe explained that NBK remains well-positioned to navigate this volatile environment, a testament to the strength and resilience of its diversified business model. Regarding the catalysts for loan growth during the first half of 2025, Ronghe stated that corporate credit was the primary driver, emphasizing that demand was not concentrated in any single geographic area. Instead, it was well distributed across NBK's network, including the GCC region, international markets, and Boubyan Bank.
Kuwait Times
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Al-Bahar: Kuwait's operating landscape is promisingIn an interview with CNBC International
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She noted that this performance was fueled by continued momentum across various business segments and the Bank's branch network, adding that the loan portfolio grew by 12.1 percent as of June 2025. Al-Bahar stated that the government has recently issued the executive regulations of the new corporate tax law, indicating its effective implementation in 2025. She explained that, as NBK Group is classified as a multinational entity under the new law, its effective tax rate rose from 9.2 percent in the first half of 2024 to 16 percent. This impact will be reflected in the Group's quarterly reports throughout the year, though its effect on full-year results is expected to fade beyond 2025. Dividend distribution Commenting on the decision to retain interim dividends, Al-Bahar said: 'NBK remains committed to rewarding its shareholders while maintaining a focus on long-term value creation. 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She added that the government continues to stimulate the economy, which will generate significant benefits for the banking sector. Furthermore, she explained that a near-term challenge for banking sector profitability may stem from tightening margins. Despite some liquidity declines in other markets, margins remain compressed, and the anticipated shift by the US Federal Reserve toward lower interest rates will undoubtedly place additional pressure on spreads and, consequently, profitability. That said, this impact may be mitigated by stronger economic momentum and broad-based growth across multiple sectors. She explained that NBK's regional and international growth plays a vital role in diversifying income streams and reinforcing the strength of its business operations. H2 2025 forecast Commenting on the outlook for the second half of the year, Al-Bahar emphasized that the government's approval of the Financing and Liquidity Law marks a positive step for the economy, as it supports the government's ability to implement its expansionary plans. She noted that following the law's approval, the Central Bank began issuing local debt instruments on behalf of the government amounting to KD 700 million — a move that enables the deployment of previously non-interest-bearing deposits with the Central Bank and significantly boosts the Bank's profitability. 'We look forward to continued issuances through year-end as a means to effectively deploy excess liquidity,' Al-Bahar said. 'Our optimism is further reinforced by the government's stated intention to issue between KD 3 billion and KD 6 billion in debt instruments over 2025–2026. Similarly, Kuwait Investment Authority (KIA) has issued RFPs to international parties, signaling the potential issuance of sovereign bonds worth up to $6 billion. All of this points to a wealth of promising opportunities for banks operating in Kuwait.' • We recorded substantial growth in business volumes, fueled by sustained momentum across multiple sectors and our international branch network • Our ongoing regional and international expansion continues to diversify revenue streams and reinforce the Group's operational strength • The economic outlook remains positive, supported by emerging growth opportunities and steady progress on government-led reform initiatives • We have a lucrative dividend policy - one that strikes a balance between delivering attractive returns to shareholders and managing capital ratios prudently
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The Epic of Kuwait Airways
Kuwait Airways is the region's premier airline, but it has faced a number of challenges since its establishment. With the discovery of oil and its introduction to world markets following the end of World War II, a group of visionary Kuwaiti businessmen recognized the importance of connecting their country to the outside world by air. In 1953, they founded Kuwait National Airways, which began operations with a modest fleet of two Douglas aircraft. Its first flight was to Basra, followed by flights to Damascus, Jerusalem, Abadan, and Beirut. I was fortunate to be on board one of these flights in 1956. Due to special circumstances, the government acquired half of the company in 1955 before completing the full purchase in 1962. This marked the beginning of a new era, characterized by increased funding and extensive government support, especially as the airline expanded its network to cover Europe and Asia. Then came the ordeal of the 1990 Saddam invasion, which marked the darkest chapter in Kuwait Airways' history. The Iraqi regime seized 15 of its aircraft and destroyed many of its facilities without any logical justification. After Kuwait's liberation, Kuwait Airways rebuilt and renewed its fleet, but faced strong competition from emerging airlines in the Gulf region. The continuous changes in the company's board of directors, and the bad intentions of some members have contributed to increasing its problems and accumulating losses amounting to several billion dinars over 60 years. I do not believe any government agency knows exactly how much has been spent to date. Given the fragile stability of Kuwait Airways' current board of directors, any increase in revenues cannot cover expenses under the current circumstances, especially with a workforce of approximately 7,000 employees. The Dead Horse Theory, based on wisdom attributed to Native Americans, states that when you discover you are riding a dead horse, the best strategy is to dismount and walk. However, in the world of business and government, a wide range of alternative strategies are often employed before giving up. These include buying a stronger whip, changing the jockey, threatening the horse with dismissal, appointing a committee to study the horse's condition, sending 'experts' abroad to observe how others ride dead horses, lowering standards so dead horses can be managed, reclassifying the dead horse as 'living disabled,' hiring foreign contractors to ride the dead horse, harnessing multiple dead horses together to increase speed, providing additional funding and training to improve the dead horse's performance, and conducting productivity studies to see if lighter jockeys might help. It can also be stated that the dead horse requires no feeding, making it less expensive to maintain, incurs no operational costs, and therefore contributes significantly to increased profitability compared to some other horses. Eventually, the dead horse might even be promoted to a supervisory role, and a new one would be hired to take its place. To be clear, I do not advocate for Kuwait Airways to give up or be left to its fate. On the contrary, I believe the current board of directors should be given the reassurance and stability it needs to remain in office for a sufficient period, long enough to deliver better results. This must be coupled with drawing on global aviation expertise to manage and operate the airline effectively. I have called for this approach on several occasions, especially given that, over 70 years, the company has failed to produce a CEO capable of leading it competently and efficiently without interference. That said, I must acknowledge the few capable CEOs who were allowed to lead Kuwait Airways, albeit for only brief periods.
