Boubyan Bank    News    15% Growth in Profits Until September 2017

15% Growth in Profits Until September 2017

15% Growth in Profits Until September 2017

Boubyan Bank Records KD 34 Million in Net Profits with an EPS of 13.9 Fils

Al-Majed: The Growth of the Bank’s Financial Indicators Highlights the Success of Our Plans and Strategy, and Our Expansion in the Local Market

Boubyan Bank has recorded a net profit growth until the end of Q3 2017, at a growth rate of 15%. The bank’s net profits amount to KD 34 Million, while the earning per share amounts to 13.9 fils compared with 13 fils for the comparative period of 2016.

Mr. Adel Abdul Wahab Al-Majed, the Bank’s Vice-Chairman & Chief Executive Officer, stated: “By the end of Q3 and while approaching the end of another year of our journey, we can say that we are pleased and fully satisfied with our achievements for the past period of 2017 despite the various challenges we faced whether in terms of competition or the economic and geopolitical challenges experienced by the region”.

Mr. Al-Majed added that all of the Bank’s main indicators witnessed a remarkable growth until the end of the past quarter where the total assets increased to KD 3.8 billion at a growth rate of 10% while the finance portfolio increased to KD 2.8 billion at a growth rate of 17% and the operational revenues increased to hit KD 91.5 million at a growth rate of 20%.

He further added that the total equity of the bank increased to KD 364 million compared with KD 337 million for the last year and that there was an increase in customers’ deposit up to KD 3.3 billion with a 15% growth in addition to the continuous growth of the bank’s customers’ base.

Al-Majed stated as well that the market share, in financing, increased generally to approximately 7.7% in the meantime, while Boubyan’s share of the retail finance increased specifically to approximately 11%.