Burgan Bank reports stable financial performance for H1
KUWAIT: Burgan Bank ('Burgan' or 'the Bank') announced its financial results for the first half of 2025 (H1'25), for the period ending June 30, 2025. The results indicate continued operational progress and consistent performance across key business areas. During the first half of the year, the Bank recorded revenues of KD 126 million, representing a 14 percent increase year-on-year (y-o-y) compared to H1'24. The growth was primarily supported by an increase in Net Interest Income, which rose to KD 83 million, marking a 16 percent y-o-y increase.
This was driven by stronger Net Interest Margins, which improved to 2.2 percent in H1'25 from 2.1 percent in the same period last year, along with continued expansion of the loan portfolio. Non-interest income also grew by 9 percent y-o-y to KD 43 million in H1'25, largely reflecting the contribution from United Gulf Bank (UGB) starting this quarter. Driven by healthy top-line momentum, Burgan Bank delivered Operating Profit of KD 49 million and Net Income of KD 21 million, reflecting operational stability relative to the same period last year.
On the balance sheet front, the Bank demonstrated resilient asset growth. Total assets increased by 14 percent y-o-y, reaching KD 8.7 billion as of June 30, 2025. The loan portfolio stood at KD 4.6 billion, up 4 percent y-o-y. The deposit base also expanded by 16 percent, reaching KD 5.4 billion, reinforcing the Bank's stable and diversified funding base. Burgan Bank also sustained a healthy capital and liquidity position. The Common Equity Tier 1 (CET1) ratio stood at 11.7 percent, while the Capital Adequacy Ratio (CAR) reached 17.4 percent, both comfortably above the regulatory minimum requirements of 10.5 percent and 14.0 percent, respectively.
Additionally, the Bank's liquidity remained strong, with a Liquidity Coverage Ratio (LCR) of 225 percent and a Net Stable Funding Ratio (NSFR) of 113 percent, both well in excess of the 100 percent regulatory threshold. Commenting on the H1'25 financial results, Burgan Bank's Chairman, Sheikh Abdullah Nasser Al-Sabah, said: 'The first half of 2025 marks another strong step forward in Burgan Bank's transformation journey. As we navigate a complex regional and global landscape, our performance reflects the Bank's resilience, disciplined execution, prudent risk management, and forward-looking strategy.
Backed by a solid financial core and a clear vision, we remain focused on creating sustainable long-term value for our shareholders, empowering our people, and delivering an elevated banking experience for our customers.' He added: 'Through financial management and strategic focus, we continue to make meaningful progress – reinforcing the strength of our core Kuwait operations, sustaining growth across the Group, and deepening our role as a trusted partner to customers and communities. Beyond the numbers, we are committed to building a modern banking model that responds to the needs of tomorrow – driven by innovation, rooted in strong governance, and powered by our most valuable asset: our people.'
Sheikh Abdullah Nasser Sabah Al-Ahmad Al-Sabah Chairman
Tony Daher, Group Chief Executive Officer
Tony Daher, Group Chief Executive Officer at Burgan Bank, said: 'Our first-half performance in 2025 reflects the strength of our financial position, strategic clarity and operational discipline. We achieved solid revenue and asset growth, backed by a robust capital base — demonstrating our agility in a challenging and fast-evolving environment.
At the same time, we continue laying the groundwork for the future by accelerating our digital transformation, modernizing our core banking infrastructure, and building scalable platforms to drive long-term innovation and growth.' Adding: 'Our strategy is driven by people: our employees, our customers, and our communities and we are building a culture that fuels ambition and advances our role as a future-ready, human-centric institution.'
Inclusion in FTSE4Good Index
In June 2025, Burgan Bank was included in the prestigious FTSE4Good Index Series — a recognition that underscores the Bank's steadfast commitment to Environmental, Social, and Governance (ESG) excellence. The FTSE4Good Index Series is a globally respected benchmark that identifies companies demonstrating strong ESG performance and is widely used by institutional investors and asset managers to integrate ESG factors into investment strategies and support the development of responsible investment products and funds.
Burgan Bank's inclusion reflects its comprehensive ESG strategy, built on a clear roadmap and robust framework that have enabled measurable progress across its core sustainability pillars. This milestone reinforces the Bank's continued efforts to embed ESG principles across all aspects of its operations — further strengthening its position as a forward-thinking, impact-driven financial institution.
Commenting on the Bank's inclusion in the FTSE4Good Index Series, Daher said: 'Being one of only five Kuwaiti organizations recognized by the globally respected FTSE Russell is a proud milestone and a clear testament to our unwavering dedication to sustainability. This achievement reflects our relentless commitment to embedding ESG principles throughout our operations, culture, and stakeholder relationships. It strengthens our resolve to drive sustainable growth that creates real value for our community while building a resilient, inclusive, and environmentally responsible future.'
Sustaining momentum
During H1'25, Burgan Bank introduced SoftPOS by KNET, an innovative digital payment solution that empowers business owners and entrepreneurs to accept payments directly through an Android smartphone — completely eliminating the need for traditional POS hardware. Designed specifically for mobile and small-scale merchants, SoftPOS offers a cost-effective, secure, and flexible alternative that simplifies transactions and enhances operational agility. This forward-looking solution is a testament to Burgan Bank's ongoing drive to lead in digital transformation, offering smart banking tools that elevate the customer experience while enabling businesses to grow and adapt in an increasingly digital marketplace.
Strengthening commitment
True to its mission to become an employer of choice and its dedicated strategy for investing in national human capital, Burgan Bank maintained a strong emphasis on its people-first culture throughout the second quarter of the year. The Bank reinforced its commitment to talent development and employee empowerment by celebrating the accomplishments of team members who completed advanced training programs, including executive education at Harvard Business School and certifications from the Kuwait Institute of Banking Studies.
Employees also advanced through Burgan Bank's flagship Ro'ya program, which continues to nurture a new generation of in-house leaders. Further demonstrating its inclusive approach, the Bank launched several initiatives under its 'Empower Her' initiative to honor the achievements and contributions of its female workforce. Burgan Bank's commitment to people extended beyond its internal teams, reaching into the broader community to support the development of the next generation of national talent.
The Bank sponsored Academy X, Kuwait's largest women-led tech empowerment initiative, in partnership with CODED Academy and Kuwait University. It also participated in several major university career fairs, strengthening its engagement with aspiring professionals and reaffirming its long-standing commitment to youth development and national workforce empowerment.
2024 Visa Award
Burgan Bank was recognized with the 2024 Visa Award for 'Best-in-Class Premium Active Cards Growth in Kuwait', reaffirming its position as a leader in premium card innovation. This prestigious accolade highlights the Bank's ongoing efforts to enhance the customer experience through cutting-edge, secure, and lifestyle-oriented payment solutions.
The award also reflects the strong synergy between the Bank's Retail Banking and Private Banking divisions, whose collaboration has fueled notable growth in the premium card segment. In addition, the recognition underscores Burgan Bank's long-standing partnership with Visa, through which the Bank has introduced a wide array of tailored card offerings, enriched with exclusive rewards, loyalty benefits, and premium privileges designed to meet the evolving aspirations of its clientele. Sheikh Abdullah Nasser Al-Sabah concluded by saying: 'Our achievements are not a destination, but stepping stones in our continuous journey of success and sustainable growth.
We remain committed to serving our customers, our community, and the broader economy as a proactive, responsible corporate citizen — delivering on our promises and driving meaningful, sustainable progress. I would also like to extend my gratitude to all those who have helped us achieve our success and our solid financial standing.' Building on these achievements and the momentum they have created, Burgan Bank is committed to adhering to the same levels of excellence and innovation throughout the remainder of the year, adding value and making change wherever possible in the market and across the society.
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Additionally, Net operating income for the first half of the year reached KD 566.7 million; an increase of 7.9 percent compared to the same period last year. The cost-to-income ratio for H1 2025 improved to 35.3 percent compared to 36.2 percent for the same period last year. Financing receivables at the end of the first half of 2025 reached KD 20.4 billion, an increase of 7.1 percent compared to the end of last year. Total assets at the end of the first half of 2025 amounted to KD 38.5 billion, an increase of 4.9 percent compared to the end of last year. Shareholders' equity increased to reach KD 5.6 billion, and depositors' accounts totaled KD 19.7 billion an increase of 2.7 percent compared to the end of last year. The capital adequacy ratio remained strong at 18.01 percent, well above regulatory requirements, emphasizing the strength of KFH financial position. Al-Shamlan added: 'KFH continues to lead the banking sector and the Kuwaiti market in profitability. We are proud of this achievement since it comes despite the challenging operating environment and geopolitical tension in the region. Our success stems from carefully implemented plans that ensure sustainable profits and maintain the highest financial indicators, while upholding a solid financial position and performance.' KFH is consistently enhancing its operational efficiency, increasing revenues, and optimizing its capabilities in line with global standards. This approach will improve asset quality, enhance risk management, and help the bank rationalize expenses. Al-Shamlan mentioned: 'A key focus area has been enhancing integration across our Group banks. The KFH Group Service Center, which currently provides centralized support for our operations in Turkey and Egypt, has been instrumental in driving operational efficiencies and improving customer service. We plan to expand this model to additional markets in the near future, creating further synergies across our network.' He pointed out that KFH brand unification strategy reached an important milestone with the successful rebranding of Ahli United Bank - Bahrain as Kuwait Finance House-Bahrain. This move complements a series of achievements realized under the new brand identity 'Beyond Horizons' across the Bank's major markets, including Kuwait, the United Kingdom and Egypt. This initiative is part of KFH's expansion strategy as a global leader in Islamic banking. This launch marks the beginning of a new chapter of integration and excellence in banking services. In the domestic market, Al-Shamlan said that KFH continues to play a leading role in financing Kuwait's economic development. Its diverse Sharia-compliant financing solutions support projects across all sectors, from large infrastructure developments to SME growth initiatives. 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Our strong financial position, diversified business model, and talented team position us well to capitalize on emerging opportunities while navigating potential challenges in the economic environment.' Group Chief Strategy Officer Fahad Al-Mukhaizeem Meanwhile, KFH Group Chief Strategy Officer Fahad Al-Mukhaizeem shared insights into Kuwait's economic landscape and KFH's strategic progress during the first half of the year. He said: 'Global real GDP growth is forecasted to reach 2.8 percent in 2025, down from prior estimates of 3.3 percent, with a modest recovery to 3.0 percent expected in 2026. This slowdown reflects rising trade tensions, policy uncertainty, and geopolitical risks affecting major economies like the US and China. Al-Mukhaizeem added: 'Kuwait's economy remains robust, with real GDP growth projected at 1.9 percent in 2025, rebounding from a 2.8 percent contraction in 2024. This growth is driven by increased oil production and steady non-oil sector expansion, supported by diversification efforts and growing private sector participation. Stable sovereign credit ratings of A+ by (S&P), A1 by (Moody's), and AA- by (Fitch Ratings), underscore confidence in Kuwait's fiscal and institutional strength. He mentioned that Kuwait's project market excelled in H1 2025, with awarded contracts surging 37.5 percent year-on-year to $3.3 billion, driven by increased investments in key sectors such as transport, power, and a revival in upstream oil projects. This momentum is expected to continue in H2 2025, as the government advances strategic projects aligned with Kuwait Vision 2035. Several high-value tenders in oil projects are in progress and anticipated to be awarded. Al-Mukhaizeem pointed out: 'The annual Inflation Rate eased to almost 2.3 percent in June 2025 down from average of 2.9 percent in 2024, reflecting the Central Bank of Kuwait's prudent monetary policy. The Central Bank of Kuwait 'CBK' has maintained the discount rate at 4 percent, unchanged since September 2024, ensuring a balanced approach to economic stability.' He affirmed that Kuwait's banking sector remains strong, underpinned by robust regulation and ample liquidity. KFH delivered exceptional financial results in H1 2025, driven by its diversified business model. With solid capital, innovative digital capabilities, and an expanding regional presence, KFH is well positioned to support Kuwait's long-term economic vision while reinforcing its leadership in Islamic banking. On the innovation and technology front, KFH is dedicated to adopting innovative fintech solutions to enhance operational efficiency and customer experience. The Group is strongly committed to fostering synergy across its international branches, prioritizing seamless integration, knowledge sharing, and unified strategies to drive operational excellence and reinforce its global network. 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Kuwait Times
2 hours ago
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Kuwait's pursuit of fair global taxation
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Step 1: The jurisdictional blending approach - A collective view Unlike traditional tax systems that often look at individual companies, Pillar Two takes a jurisdictional blending approach. This means that for each country where an MNE group operates, e.g., Kuwait, the GloBE income or loss and the adjusted covered taxes of all constituent entities of that MNE group located in that specific jurisdiction are aggregated. Why aggregate? Because the goal is to determine if the MNE's overall operations in a given country are effectively taxed below 15 percent. Aggregating allows for an average to be taken across all the group's entities in that location, preventing MNEs from manipulating the effective rate by having some high-taxed and some low-taxed entities in the same country. So, for Kuwait, an MNE group will first sum up the GloBE Income of all its entities based here, and then sum up their Adjusted Covered Taxes. Step 2: The core formula - Calculating the Effective Tax Rate (ETR) Once we have the aggregated GloBE income and adjusted covered taxes for a particular jurisdiction, the calculation of the Effective Tax Rate (ETR) is straightforward: Jurisdictional ETR = aggregated adjusted covered taxes for the jurisdiction aggregated GloBE income for the jurisdiction. For example, if an MNE's constituent entities in Kuwait have an aggregated GloBE income of KD 100 million and have paid KD 10 million in adjusted covered taxes, their jurisdictional ETR would be: KD 10 million = 10 percent KD 100 million. This 10 percent ETR is now compared against the 15 percent global minimum tax rate. But, what if the ETR is a loss or zero GloBE income? Special rules apply if the aggregated GloBE income for a jurisdiction is a loss or zero. In such cases, if the adjusted covered taxes are positive, the ETR calculation would result in an undefined or negative rate. The GloBE rules generally treat the ETR as being below 15 percent in such scenarios, which means a top-up tax could still be triggered, but specific computations would apply to ensure fairness. The key is that the absence of taxable profit does not automatically mean immunity from the Pillar Two rules if taxes have been significantly reduced. Step 3: Determining the top-up tax percentage - The shortfall If the calculated jurisdictional ETR is less than 15 percent, then a 'top-up tax percentage' is determined. This simply represents the difference between the 15 percent minimum rate and the MNE's actual ETR in that jurisdiction. Top-up tax percentage = 15 percent (minimum rate). Jurisdictional ETR now, using our example where the ETR for Kuwait was 10 percent: Top-up tax percentage = 15 percent? 10 percent = 5 percent This 5 percent is the additional rate of tax that needs to be levied to bring the overall effective tax rate up to the 15 percent minimum. Step 4: Calculating 'excess profit' with the substance-based income exclusion (SBIE) Before applying the top-up tax percentage, the GloBE rules introduce a crucial element, that is the substance-based income exclusion (SBIE). This is a vital policy carve-out designed to ensure that Pillar Two taxes only 'excess profits' - those profits that are not directly attributable to real economic activities, like having employees or physical assets, in a jurisdiction. It aims to reward MNEs for genuine investment and discourage purely artificial profit shifting. The SBIE is calculated as a fixed return, i.e. a percentage, on the MNE's: Eligible payroll costs The payroll expenses of eligible employees performing substantive activities in the jurisdiction. Eligible tangible assets: The carrying value of tangible assets, like property, plant, and equipment, located in the jurisdiction and used in the MNE's business. For a transitional period, starting at 9.6 percent for payroll and 7.6 percent for tangible assets, phasing down to 5 percent over ten years, a portion of income derived from these substantive activities is excluded from the profits subject to top-up tax. SBIE = (payroll carve-out percent x eligible payroll costs) + (tangible assets carve-out percent x eligible tangible assets) The 'excess profit' for a jurisdiction is then calculated as: excess profit = aggregated GloBE income. SBIE If the GloBE income is less than or equal to the SBIE, then the excess profit is considered zero, and no top-up tax would be due even if the ETR is below 15 percent. This is a crucial simplification for MNEs with substantial physical presence and employees. Step 5: Computing the gross top-up tax Now, the top-up tax percentage is applied to the excess profit to arrive at the gross top-up tax for the jurisdiction: Gross top-up tax = top-up tax percentage x excess profit. Let's continue our example: If the Aggregated GloBE income was KD 100 million, and assuming a SBIE of KD 20 million, then: excess profit = KD 100 million. KD 20 million = KD 80 million and the gross top-up tax would be: Gross top-up tax = 5 percent x KD 80 million = KD 4 million. This KD 4 million is the total top-up tax that needs to be collected to bring the MNE's effective tax rate in Kuwait up to 15 percent. Step 6: Reducing the top-up tax with Kuwait's QDMTT This is where Kuwait's strategic decision to implement a qualified domestic minimum top-up tax (QDMTT) becomes immensely beneficial. As discussed, the QDMTT ensures that any top-up tax calculated for MNE entities located in Kuwait is paid directly to the Kuwaiti tax authorities. The final top-up tax amount that would be allocated to other jurisdictions, under the IIR or UTPR, is reduced by the amount of QDMTT paid in Kuwait. Allocable top-up tax (to other jurisdictions) = gross top-up tax? QDMTT paid in Kuwait If Kuwait collects the full KD 4 million under its QDMTT, then there would be no remaining top-up tax for other countries to collect from this MNE's Kuwaiti operations. This guarantees that the revenue stays within our national borders. Importance for MNEs in Kuwait: For multinational enterprises operating in Kuwait, understanding these computations is not merely an academic exercise. It directly impacts their future tax liabilities and compliance requirements. They will need: Robust data systems: To accurately track and report GloBE income and adjusted covered taxes for all their Kuwaiti entities. Scenario planning: To model the potential impact of Pillar Two on their effective tax rates and overall tax burden in Kuwait. Expert guidance: To navigate the complexities of these calculations and ensure compliance with Law 157/2024 and its executive regulations. A fairer share for Kuwait The calculation of the effective tax rate and the resulting top-up tax is the operational core of Pillar Two. By establishing a clear, step-by-step process, the GloBE Rules ensure transparency and consistency in determining if an MNE is paying its fair share. For Kuwait, the meticulous design of its QDMTT means that our nation is not just a participant in this global tax reform, but an active beneficiary. By capturing the top-up tax arising from economic activity within its jurisdiction, Kuwait secures vital revenue, fosters a more equitable business environment, and reinforces its commitment to modern, fair international taxation. This intricate dance of numbers ultimately leads to a stronger, more prosperous future for all in Kuwait. NOTE: Hassan M Abdulrahim is a Senior Instructor (Business) at Canadian College Kuwait and CEO & Co-founder of Visionary Consulting Company
Kuwait Times
2 hours ago
- Kuwait Times
Burgan Bank launches ‘Free Airport Ride' campaign for elite customers
KUWAIT: As part of its ongoing efforts to enrich its banking experience, Burgan Bank has launched its latest summer campaign: a complimentary chauffeured airport ride for all Elite Visa Signature debit card holders. The 'Free Airport Ride' campaign falls under Burgan Bank's year-round loyalty program, specifically targeting Elite customers and designed to offer them premium services that cater to their lifestyles – from everyday banking benefits to rewarding add-on experiences. Speaking about the promotion, Mohammed Al-Yaseen, Deputy General Manager – Retail Banking at Burgan Bank said: 'Summer is a time for travel, family moments, and new experiences — and we're here to make it all smoother from the very first step. With this offer, our Elite customers can enjoy the comfort of a private from or to airport transfer, reflecting the personalized care and convenience that define their relationship with Burgan Bank.' Mohammed Al-Yaseen, Deputy GM – Retail Banking at Burgan Bank Al-Yaseen noted that exclusivity and convenience remain the hallmarks of the Elite banking experience. 'We continue to tailor our services and rewards to the needs and expectations of our Elite segment — delivering not only premium financial solutions, but also the lifestyle benefits they value most.' Available till August 31st, this exclusive offer covers a single ride either to or from Kuwait International Airport. Elite customers can contract the Elite Concierge Service at +965 22969960 to avail this offer.
