17% Growth in Q1 2017 Profits
Boubyan Bank Records KD 10.7 Million in Net Profits with an EPS of 4.7 Fils
Boubyan Bank has recorded a net profit growth of 17% in Q1 2017. The bank’s net profits amounts to KD 10.7 Million, with earning per share of 4.7 fils compared to 4 fils for the comparative period of 2016.
Mr. Adel Abdul Wahab Al-Majed, the Bank’s Vice-Chairman & Chief Executive Officer, stated that such an increase in the bank’s profits is a good start for a year at the same time is also expected to bring a lot of challenges for the Kuwaiti banking sector for both Islamic and conventional banks.
He added: “Despite all the challenges faced by Kuwaiti economy and the banking sector, in particular, over the recent years, Boubyan Bank maintained a good level of growth whether in terms of profitability or market share.”
He went on to add that the announcement of Q1 profits coincided with the report of Moody’s, the international credit rating agency, which had positive news for the bank. “The agency’s upgrade of the long-term deposit ratings highlights the growth of Boubyan Bank’s share in the Kuwaiti market and reinforces the bank’s strategic and financial importance’, he added. Moody’s, one of the most prestigious global credit rating agencies, has recently upgraded the credit rating of Boubyan bank’s long-term deposit ratings from “Baa1” to “A3”
** Growth of All Main Indicators
On the other hand, Mr. Adel Abdul Wahab Al-Majed stated that the all of the Bank’s main indicators showed that the Bank witnessed a remarkable growth during the first past quarter where the total assets increased to KD 3.7 billion at a growth rate of 13% while the operational revenues increased to hit KD 29 million at a growth rate of 17% in addition to the increase in customers’ deposits by 20%, amounting to KD 3.1 billion.
He further added that the total equity of the bank increased to KD 344 million compared with KD 318 million last year and that there was a notable increase in the financing portfolio up to KD 2.7 billion with 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 generally to approximately 7.4% in the meantime, while the share of the retail finance increased specifically to approximately 10.5%.