Boubyan Bank    News    16% Growth in Profits for the First Half of 2017

16% Growth in Profits for the First Half of 2017

16% Growth in Profits for the First Half of 2017

Boubyan Bank Records KD 21.9 Million in Net Profits with an EPS of 8.51 Fils

Al-Majed: The Results of the First Half IS A Continuation to Our Journey of Success Which Started in 2010

Boubyan Bank has recorded a net profit growth of 16% in the First half of 2017. The bank’s net profits was KD 21.9 Million, with an earnings per share of 8.51 fils compared to 8.33 fils for the comparative period of 2016.

Mr. Adel Abdul Wahab Al-Majed, the Bank’s Vice-Chairman  & Chief Executive Officer, stated that such positive results  is a continuation to the successful journey which started in 2010 that led to the growth in  profitability and  market share in various sectors despite the challenges faced by the Kuwaiti Banking Industry whether for Islamic or conventional banks.

Mr. Al-Majed added that all of the Bank’s main indicators witnessed a remarkable growth during the first half where the total assets increased to KD 3.7 billion at a growth rate of 10% while the operating income increased to KD 60 million at a growth rate of 17% in addition to the increase in customers’ deposits by 14%, amounting to KD 3.2 billion.

He further added that the total equity of the bank increased to KD 352 million compared to KD 326 million for the comparable period of last year and that there was an increase in the financing portfolio to KD 2.8 billion at a growth rate of 18% in addition to the continuous growth of the bank’s customers’ base.

Al-Majed stated as well that the market share, in financing, increased to approximately 7.6% in the meantime, while Boubyan’s share of the retail finance increased specifically to approximately 11%.