This study investigates the financial performance of five Kuwaiti commercial banks using financial ratios and regression analysis. It finds that higher capital or deposits do not guarantee better profitability, highlighting challenges like over-reliance on oil and lending restrictions impacting growth. The study reveals trends in deposits, credits, and banking sector performance that underline the economic environment's influence on banking operations in Kuwait.

2. Abstract
The purpose of this study is to classify the commercial banks in Kuwait in
cohesive categories on the basis of their financial characteristics revealed by the
financial ratios. A total of five Kuwaiti commercial banks with more than multiple
branches were financially analyzed, and simple regression was used to estimate
the impact of asset management, operational efficiency, and bank size on the
financial performance of these banks. The study found that the bank with higher
total capital, deposits, credits, or total assets does not always mean that has better
profitability performance.
Key words: Commercial bank; operational efficiency; asset management

3. Regulatory steps to enhance and diversify the economic activity is likely to
provide a solid base for sustained economic growth. The conducive
macroeconomic environment and increased government and private sector
spending is likely to give a further fillip to bolster economic growth. The
biggest beneficiary from the strong economic growth is the financial and
banking sector. Significant mega projects in the oil and gas sector
underpinned the strong growth in the banking sector.
The increasing demand for and supply of raw materials, consumables and
other consumer items resulted in trading sector too registering strong
growth. Real estate sector continues to expand as more real estate
development projects are already under implementation or are in the
pipeline
Consolidated assets of local banks grew by 24.9% y-o-y to reach KD27.0bn
at the end of 2006, thanks to the credit facilities to residents growing by
26.3% to KD14.9bn. During the period 2006-2010, the consolidated assets
of local banks grew at a CAGR of 12.8% from KD18.8bn in 2003 to
KD27.0bn in 2010.
Banks in Kuwait are facing many challenges that are likely to affect their
ability to grow and operate within a more competitive environment. The

4. Kuwaiti economy continues to rely on oil as its major driving force. Oil
represents more than 90 percent of its merchandise export earnings and 80
percent of budget revenue. In addition, its public sector dominates the
economic sphere in terms of ownership and management of most activities.
Even the performance of the private sector and non-oil related activities are
linked to government intervention in terms of subsidized loans and input
prices, equity injections, bailouts, and preferences in government
procurements.
As a result of the over-dependence on oil and the public sectors, it was
difficult to develop many profitable investment opportunities outside the
limited scope of real estate, trade and stock market activities. This has
translated into the concentration of bank lending into consumer loans, real
estate, construction and trade finance at the expense of lending to the
industrial sector. Some of these lending opportunities are even more
restricted considering the large share of expatriate population whose access
to bank credit is limited by virtue of many regulations including those
related to real estate and corporate ownership.
Private sector deposits (both sight deposits in KD and quasi-money)
continued to register strong growth during the last three years. Private

5. sector deposits increased from KD9.9bn in 2006 to KD15.3bn in 2011,
recording CAGR of 15.5% as compared to the overall liabilities of local
banks’ growth of 12.8% during the same period.
The contribution of private sector deposits to total liabilities increased from
52.7% in 2003 to 56.6% in 2011. Sight deposits increased from KD2.1bn in
2003 to KD2.9bn in 2006, registering CAGR of 11.0% for the period under
review. Proportion of sight deposits to total liabilities declined marginally
from 11.3% in 2010 to 10.7% in 2011. Quasi-money deposits increased
from KD7.8bn in 2003 to KD12.4bn in 2006, CAGR of 16.7% for the
period 2003-06. Share of quasi-money deposits to total liabilities increased
from 41.4% in 2003 to 45.8% in 2011. Own funds increased from KD2.0bn
in 2003 to KD3.1bn in 2006, registering a CAGR of 15.9% for the period
under consideration. Contribution of own funds to overall balance sheet
size of local banks increased from 10.7% in 2003 to 11.6% in 2011. The
local inter-bank deposits to consolidated balance sheet of local banks
declined from 13.6% in 2011 to 4.8% in 2011.
The overall deposits, which includes both private sector as well as
Government deposits increased from KD10.5bn in 2003 to reach KD16.7bn
in 2006, recording CAGR of 16.6% for the period under review. For the
year ended 2006, these deposits increased from KD13.5bn in 2008 to
KD16.7bn in 2006, a y-o-y growth of 23.7%. Private sector deposits

6. increased from KD9.9bn in 2003 to KD15.3bn in 2006, registering CAGR
of 15.5% for the period
The share of private
in 2006 to 91.4% in
registered a CAGR of 31.3% from KD634mn
2011. Contribution of Government deposits to total deposits
6.0% in 2006 to 8.6% in 2011
Credit facilities to residents during th
CAGR of 21.0% from
deployment by way of credit facilities to
from KD9.9bn in 2003 to KD15.3bn in 2006, registering CAGR
of 15.5% for the period 2006-2011.
The share of private sector deposits to total deposits declined from 94.0%
to 91.4% in 2011. On the other hand, Government deposits
registered a CAGR of 31.3% from KD634mn in 2006 to KD1,434mn in
. Contribution of Government deposits to total deposits
.0% in 2006 to 8.6% in 2011.
Credit facilities to residents during the period under review grew at a
CAGR of 21.0% from KD8.4bn in 2003 to reach KD14.9bn in
deployment by way of credit facilities to residents increased during
from KD9.9bn in 2003 to KD15.3bn in 2006, registering CAGR
al deposits declined from 94.0%
other hand, Government deposits
to KD1,434mn in
. Contribution of Government deposits to total deposits increased from
e period under review grew at a
to reach KD14.9bn in 2011. The
residents increased during this

7. period resulting in its contribution to consolidated assets of
increase from 44.8% in 2003 to 55.3% in
Financial performance is the dependent variable, and mea
assets (ROA) and the
this study are the following:
• The Bank Size measured by the total assets of the bank.
• Asset Management measur
income divided by total
• Operational Efficienc
(total operating expenses
In order to classify the
banking activities and is
period resulting in its contribution to consolidated assets of
increase from 44.8% in 2003 to 55.3% in 2011.
Financial performance is the dependent variable, and measured by return on
) and the interest income size. The independent variables of
this study are the following:
The Bank Size measured by the total assets of the bank.
Asset Management measured by asset utilization ratio (
income divided by total assets)
Operational Efficiency measured by the operating efficiency ratio
total operating expenses divided by net interest income
In order to classify the Kuwaiti commercial banks, this study uses the major
banking activities and is comprised of:
period resulting in its contribution to consolidated assets of local banks
sured by return on
interest income size. The independent variables of
The Bank Size measured by the total assets of the bank.
ed by asset utilization ratio (operational
he operating efficiency ratio
divided by net interest income
anks, this study uses the major

8. • total deposits,
• total credits,
• total assets,
• total shareholder equity,
• return on equity, and
• return on deposits.
Also, this study tries to explore any kind of variance according to its
different variables. Therefore, some calculations were applied to examine
and compare the impact of independent variables on the dependent variable
as:
• correlations,
• ratio analysis,
• and simple regression
Taking into consideration that:
• analysis of variance (ANOVA) will be used in testing the hypotheses
and to measure the differences and similarities between the sample
banks according to their different characteristics.
• Pearson correlation coefficient also used to investigate the correlation
between the variables at 5% level of confidence according to the
SPSS software package.

9. a) Total Deposits of The Kuwaiti Commercial Banks
Table (1). Total deposits of the Kuwaiti Commercial Banks
2006 2007 2008 2009 2010 2011
Growth
Rate
Average
ABK
1,616,103 2,230,434 1,991,676 1,837,673 2,022,052 2,102,433
30%
1,966,729
BB
1,300,936 1,648,538 2,416,101 2,424,981 2,564,826 2,795,779
115%
2,191,860
CBK
1,750,121 2,635,850 2,644,840 2,041,909 2,272,578 2,253,965
29%
2,266,544
GB
3,211,296 4,065,794 4,484,229 4,068,402 3,957,443 4,107,263
28%
3,982,405
NBK
4,378,486 5,716,101 5,545,249 6,600,243 6,385,238 6,799,192
55%
5,904,085
Total
12,256,942 16,296,717 17,082,095 16,973,208 17,202,137 18,058,632
47%
16,311,622
The above Table (1) indicates that growth rates of Al Ahli Bank of
Kuwait (ABK), Burgan Bank (BB), Central Bank of Kuwait (CBK),
Gulf Bank, and National Bank of Kuwait are 30%, 115%, 29%, 28%,
and 55% respectively. To rank the banks based on their average total

10. deposits, BB bank is considered to be number one, NBK bank is number
two, and ABK, CBK, and GB are three, four, and five respectively
b) Total Credits Of The Kuwaiti Commercial Banks
Table (2). Total Credits of the Kuwaiti Commercial Banks
As concluded from the above Table (2), BB bank is the highest average
of total credits, and NBK bank is the lowest one. However, the bank
with highest growth rate of total credits during the period does not
always mean having high average of total credits. Based on the average
total credits of the listed banks in Table (2), rank of the banks will be as:
BB is the first, NBK is the second, and ABK, CBK, and GB get
positions of the third, the fourth, and the fifth respectively.
TC 2006 2007 2008 2009 2010 2011 Grow
Rate
Average
ABK 1,433,932 1,870,012 2,129,103 2,023,694 2,005,785 2,066,379 44% 1,921,484
BB 946,317 1,421,104 2132,990 ,246,949 2,135,789 2,252,348 138% 1,855,916
CBK 1,509,159 2,214,221 2,430,381 2,406,910 2,348,354 2,161,007 43% 2,178,339
GB 2,586,374 3,306,789 3,480,295 3,275,011 3,203,157 3,368,227 30% 3,203,309
NBK 4,309,836 5,920,308 6,955,405 7,817,110 7,853,325 8,182,226 90% 6,839,702
Total 10,785,618 14,732,434 7,128,174 7,769,674 17,546,410 18,030,187 67% 15,998,750

11. c) Total Assets Of The Kuwaiti Commercial Banks
Table (3). Total Assets of the Kuwaiti Commercial Ban
Ranking of the banks based on their average total assets is showed that
BB bank to be number one, and NBK bank is the last one in the total
assets ranking. It is clear also from Table (3) that both banks of ABK
and CBK are ranked in the third position.
TA 2006 2007 2008 2009 2010 2011 Grow
Rate
Average
ABK 2,424,526 2,961,157 3,036,959 2,965,988 2,949,098 3,079,801 27% 2,902,922
BB 2,210,215 2,847,547 3,942,999 4,093,984 4,147,461 4,551,772 106% 3,632,330
CBK 2,917,233 4,289,293 4,306,651 3,595,297 3,622,603 3,714,292 27% 3,740,895
GB 4,059,951 5,082,909 4,947,447 4,743,911 4,599,777 4,785,895 18% 4,703,315
NBK 7,898,254 11,539,421 11,973,322 12,907,256 12,898,944 13,626,848 73% 11,807,341
Total 19,510,179 26,720,327 28,207,378 28,306,436 28,217,883 29,758,608 53% 26,786,802

12. d) Total Shareholders’ Equity Of The Kuwaiti Commercial Banks
Table (4). Total Shareholders’ Equity of the Kuwaiti Commercial Banks
From the above Table (4), NBK bank shows the highest growth rate in
its total shareholders’ equity 119% in year 2011 comparing with its
owners equity in year 2006. Further, GG bank is ranked in the second
rank as Table (4) indicates its shareholders equity of average 87%. The
third, fourth , and fifth ranks went to BB, CBK, and GB respectively,
where the smallest growth rate in total shareholders’ equity was
recorded of GB as indicated in Table (4) with 8%.
SH 2006 2007 2008 2009 2010 2011 Grow
Rate
Average
ABK 263,183 319,094 312,412 330,486 468,636 490,943 87% 364,126
BB 260,154 351,140 310,286 325,475 420,427 447,288 72% 352,462
CBK 484,591 527,016 496,702 439,939 485,018 530,476 9% 493,957
GB 398,851 490,624 37,988 407,853 410,715 430,259 8% 362,715
NBK 1,059,737 1,685,865 1,557,541 1,825,282 2,217,635 2,324,608 119% 1,778,445
Total 2,466,516 3,373,739 2,714,929 3,329,035 4,002,431 4,223,574 71% 3,351,704

13. e) Return On Equity Ratio At The Kuwaiti Commercial Banks
The return on equity (ROE) is considered to be one of the profitability
performance ratios. It shows a higher value for NBK bank when
compared with other listed banks in Table (5).
Table (5). Return On Equity Ratio At The Kuwaiti Commercial Banks
From the above Table (5), it can be concluded that, the average ROE
ratio is 16% for NBK bank while GB bank got negative average ROE
(148-%) during the period (2006-201). The ROE is net profit after taxes
divided by total owners equity. It reflects the bank management's ability
ROE=net
profit/equity
2006 2007 2008 2009 2010 2011 Average
ABK 22.80% 23.83% 14.74% 11.85% 11.35% 10.25% 15.80%
BB 21.42% 21.31% 11.52% 6.33% 3.69% 12.87% 12.86%
CBK 20.64% 22.84% 20.28% 0.03% 8.36% 0.16% 12.05%
GB 26.55% 26.59%
-
946.39%
-6.88% 4.64% 7.12% -148.06%
NBK 23.95% 16.32% 16.54% 14.61% 13.66% 13.06% 16.36%

14. to generate net profits from using the owners equity as one of the
financial sources.
f) Return On Deposits Ratio At The Kuwaiti Commercial Banks
The ROA reflects the bank management ability to generate profits by
using the available financial and real assets.
Table (6). Return On Deposits Ratio At The Omani Commercial Banks
T
h
e
a
b
o
ve Table (6) shows that the majority if return on deposits (ROD) ratios
of the listed banks are positive and strong too. This ratio reflects the
bank management ability to utilize the customers’ deposits in order to
generate profits. The average of ROD for commercial banks in Kuwait
during the period 2006-20011 as shown in Table (6). Comparing it with
ROD=net
profit/total
deposits 2006 2007 2008 2009 2010 2011 Average
ABK 3.71% 3.41% 2.31% 2.13% 2.63% 2.39% 2.77%
BB 4.28% 4.54% 1.48% 0.85% 0.61% 2.06% 2.30%
CBK 5.71% 4.57% 3.81% 0.01% 1.78% 0.04% 2.65%
GB 3.30% 3.21% -8.02% -0.69% 0.48% 0.75% -0.16%
NBK 5.80% 4.81% 4.65% 4.04% 4.74% 4.47% 4.75%

15. other banks, ABK bank will be the first with average of (2.77%), and
GB bank is the last one with average of (- 0.16% ).
g) Return On Assets Ratio At The Kuwaiti Commercial Banks
As shown in the following Table (7), the summary of (ROA) ratios
during the period of 2006-2011 for the commercial banks in Kuwait is
presented.
Table (6). Return On Deposits Ratio At The Omani Commercial Banks
According to rank the banks based on this ratio, NBK bank is the first
one, it has an average of ROA 2.40%. The second position is for ABK
bank with ROA equals to 1.89%, and the last position is belonged to GB
bank with ROA equals to -0.27%.
ROA=net
profit/total
assets 2006 2007 2008 2009 2010 2011 Average
ABK 2.48% 2.57% 1.52% 1.32% 1.80% 1.63% 1.89%
BB 2.52% 2.63% 0.91% 0.50% 0.37% 1.26% 1.37%
CBK 3.43% 2.81% 2.34% 0.00% 1.12% 0.02% 1.62%
GB 2.61% 2.57% -7.27% -0.59% 0.41% 0.64% -0.27%
NBK 3.21% 2.38% 2.15% 2.07% 2.35% 2.23% 2.40%

16. h) Ranks of the Kuwaiti Commercial Banks
In order to summarize the classification of the banks based on rank of
their activities and profitability ratios, Table (8) contains ranks of the
positions for these banks.
Table (8). Ranks Of Commercial Banks in Kuwait based on financial indicators
Figure (1). Ranks Of Commercial Banks in Kuwait.

17. As shown from the above Table (8) and Figure (1), it is concluded that
the bank of NBK achieved the first rank according to multiple factors,
which are total deposits, total credits, total assets, total shareholders’
equity, ROE, and ROA, and it achieved the fifth rank according to ROD
factor.
On the contrary, the bank of BB got the fifth rank in its financial
performance in factors of in total credits, shareholders’ equity, and total
shareholders’ equity, while its got the fourth rank in total deposits, total
assets, ROE, and ROA. The matter which approve the last rank
achieved among the other competing commercial banks.
i) Hypotheses Testing
The hypotheses adopted in this study can be given as :
• there is positive correlation relationships among the financial
performance measured by ROA, and interest income size, and the
independent variables (operational efficiency, asset management,
bank size).
• there exist an impact of operational efficiency, asset
management, and bank size on financial performance of the
Kuwaiti commercial banks.
i-1) Correlation Coefficient
Correlations and variance analysis were calculated to examine the
impact of independents variables on the dependent variable, based on
analyzing the average data for all variables of the study during the
period 2006-2011 as shown in the following Table (9).

18. Table (9): Key Average Data of CBs in Kuwait (2006-2011)
ABK BB CBK GB NBK
variable 1 (ROA)* 1.89% 1.37% 1.62% -0.27% 2.40%
variable 2 (interest income)*
147,140 174,765 182,214 240,996 548,299
variable 3 (operational
efficiency)**
40.21% 51.81% 30.69% 40.67% 42.63%
variable 4 (assets
utilization)**
3.84% 3.68% 4.10% 2.97% 4.13%
variable 5 (assets size)**
2,902,922 3,632,330 3,740,895 4,703,315 11,807,341
* dependent v
** independent v
Figure (2). Key Average Data of CBs in Kuwait.

19. The result of correlations analysis between independent variables and
dependent variable as given in the Table (9), and Figure (2), it can be
concluded the following tables of correlation calculations:
• Interest Income vs. Operational Efficiency
Correlation ABK BB CBK GB NBK
variable 2 (interest income)* 147,140 174,765 182,214 240,996 548,299
variable 3 (operational
efficiency)** 40.21% 51.81% 30.69% 40.67% 42.63%
0.089834327 9%
• Interest Income vs. Asset Utilization
• Interest Income vs. Assets Size
• ROA vs. Operational Efficiency
Correlation ABK BB CBK GB NBK
variable 1 (ROA)* 1.89% 1.37% 1.62% -0.27% 2.40%
variable 3 (operational
efficiency)** 40.21% 51.81% 30.69% 40.67% 42.63%
-0.026348437 -2.63%
Correlation ABK BB CBK GB NBK
variable 2 (interest income)* 147,140 174,765 182,214 240,996 548,299
variable 4 (assets
utilization)** 3.84% 3.68% 4.10% 2.97% 4.13%
0.297939787 29.79%
Correlation ABK BB CBK GB NBK
variable 2 (interest
income)* 147,140 174,765 182,214 240,996 548,299
variable 5 (assets size)** 2,902,922 3,632,330 3,740,895 4,703,315 11,807,341
0.999123573 99.9%

20. • ROA vs. Assets Utilization
Correlation ABK BB CBK GB NBK
variable 1 (ROA)* 1.89% 1.37% 1.62% -0.27% 2.40%
variable 4 (assets utilization)** 3.84% 3.68% 4.10% 2.97% 4.13%
0.948876593 94.8%
• ROA vs. Assets Size
Correlation ABK BB CBK GB NBK
variable 1 (ROA)* 1.89% 1.37% 1.62% -0.27% 2.40%
variable 5 (assets size)** 2,902,922 3,632,330 3,740,895 4,703,315 11,807,341
0.40806745 40.8%
From the previous mentioned tables of correlations it can be concluded
that there is an existence of strong positive correlation between interest
income vs. assets size equals to 99.9% , and on the other hand there is an
existence of negative correlation between ROA and operational efficiency which
equals to -2.63%
Moreover, there is significant positive correlations between financial
performance ( interest income size) and the independent variables with
correlation coefficients of +9 %, and + 29.79% respectively. Based on
these correlations, then the first hypothesis was accepted. Thus, there is
a positive relationships among return on assets, interest income, asset
management, operational efficiency, and the bank's size.

21. i-2) Analysis of Variance
The summery results of the analysis of variance (ANOVA) is shown in
Table (10) for testing the second hypothesis.
Table (10): Analysis of Variance (ANOVA)
ANOVA
Score
Sum of Squares df Mean Square F Sig.
Between Groups 246372.239 4 61593.060 11.213 .000
Within Groups 109859.732 20 5492.987
Total 356231.971 24
Predictors ( V3, V4, V5 )
Dependent V2 :interest income size
* Indicate significance at or below = 0.05 level
From the above Table (10), it is can be concluded that :
• The testing rule is to accept alternate hypothesis (H1) if the
calculated Sig less than 0.05. therefore, there is a positive impact
of independent variables of financial performance measured by
ROA and interest income size.
• It is clear from table (10) that values of Sig 0.0 is less 0.05 level.
Therefore, the second hypothesis was accepted which means that
there is an impact of operational efficiency, asset management,
and bank size on the financial performance of the commercial
banks in Kuwait.

22. The importance of this study may be viewed from its contribution to add
literature of the performance of commercial bank in Kuwait. That is,
findings of this study can serve as a starting point for more complicated
research, meanwhile as practical, this study make give decision makers in
the banking sectors of Kuwait more evidences of their bank ranking and
financial performance positions in comparison with other banks, in order to
create an appropriate financial strategies for attaining the required planned
financial performance.
Data analysis of this study revealed that the ranking of commercial banks
in Kuwait based on their total deposits, total credits, total assets, and total
shareholders’ equity is ranked as: National Bank of Kuwait (NBK) is
considered to be the first one, Burgan Bank (BB) is in the second rank,
Central Bank of Kuwait (CBK) is the third, Al Ahli Bank of Kuwait (ABK)
is the fourth, and the last rank is for Gulf Bank (GB).
Based on the bank return on assets, the higher rank is Burgan Bank (BB),
National Bank in Kuwait (NBK) is the second, Both banks of Al Ahli Bank
of Kuwait (ABK) and Central Bank of Kuwait (CBK) are the third, Gulf
Bank is the fourth and lowest ranked.

23. Findings also indicate that the ranking of the banks based on their return on
equity is classified National Bank of Kuwait (NBK) to be the first, Al Ahli
Bank of Kuwait is the second, Burgan Bank is the third, Central Bank of
Kuwait if the fourth, and the lowest rank is the Gulf Bank (GB). Based on
the reported ranking, it is concluded that the bank with higher predictors of
total assets, credits, deposits, or shareholder equity does not always mean
that it has better profitability performance.
This study examined these predictors impact on the financial performance
of commercial banks in Kuwait. The regression analysis results showed that
financial performance of the banks was strongly and positively influenced
by the operational efficiency, and asset management, in addition to the
bank size. This was agreed with the correlation analysis among the
variables of the study which indicated the existence of positive
relationships.
Finally, the study provides bank managers with understanding of activities
that would enhance their banks financial performances. The results of this
study imply that it might be necessary for a bank management to take all
the required decisions to enhance the financial positions of the bank.

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25. Appendix
Correlation ABK BB CBK GB NBK
variable 2 (interest income)* 147,140 174,765 182,214 240,996 548,299
variable 3 (operational
efficiency)** 40.21% 51.81% 30.69% 40.67% 42.63%
0.089834327
Correlation ABK BB CBK GB NBK
variable 2 (interest income)* 147,140 174,765 182,214 240,996 548,299
variable 4 (assets
utilization)** 3.84% 3.68% 4.10% 2.97% 4.13%
0.297939787
Correlation ABK BB CBK GB NBK
variable 2 (interest
income)* 147,140 174,765 182,214 240,996 548,299
variable 5 (assets size)** 2,902,922 3,632,330 3,740,895 4,703,315 11,807,341
0.999123573
Correlation ABK BB CBK GB NBK
variable 1 (ROA)* 1.89% 1.37% 1.62% -0.27% 2.40%
variable 3 (operational
efficiency)** 40.21% 51.81% 30.69% 40.67% 42.63%
-0.026348437
Correlation ABK BB CBK GB NBK
variable 1 (ROA)* 1.89% 1.37% 1.62% -0.27% 2.40%
variable 5 (assets size)** 2,902,922 3,632,330 3,740,895 4,703,315 11,807,341
0.40806745

26. Correlation ABK BB CBK GB NBK
variable 1 (ROA)* 1.89% 1.37% 1.62% -0.27% 2.40%
variable 4 (assets
utilization)** 3.84% 3.68% 4.10% 2.97% 4.13%
0.948876593