KUWAIT: Boubyan Bank witnessed an increase in its net profit by 24 percent during the first nine months of the current year, amounting to KD 25 million compared to KD 20 million of the same period in 2014.The earning per share amounts to 12.2fils compared with 9.83filsduring the same period last year.
Vice-Chairman & CEO of Boubyan Bank, Adel Abdul-Wahab Al-Majed said: “Q3 indicators make us more confident that the current year will be remarkable for everyone and will be a continuation to the successes achieved by the bank throughout the previous years, especially, from the restructuring journey that started in 2010”.
He added that the achievements once more highlights the bank’s competitive abilities in one of the most significant markets in the region, and confirms the bank’s ability to increase its market shares at all levels.
Positive indicators
Al-Majed explained that the bank’s indicators showed a remarkable growth up to the end of the 3rd Quarter of the current year where the total assets increased to KD 3billion, growing by 19 percent, while the operating income increased to KD 67 million, growing by 15 percent in addition to the increase in customers’ deposits to reach KD 2.3 billion, growing by 22 percent.
“Furthermore, the Bank’s total equity increased to KD 307 million compared to KD 287million for the comparative period of the previous year, while the financing portfolio increased to KD 2.1 billion, growing by 21 percent, in addition to the continuous growth in the Bank’s customers’ base.”, Al-Majed stated.
Al-Majed also stated that the market share, in financing portfolio, increased from 2 percent in 2009 to approximately 6.5percent currently, while Boubyan Bank’s share of the consumer finance significantly increased from 1 percent to approximately 10percent currently. Also, around 16percent of Kuwaiti adults maintain accounts with the bank.
