Growth Rate of 18%
Boubyan Bank Records Net Profit of KD 18.9 M for the First Half of 2016 with an EPS of 8.73 Fils
Al-Majed: The Operational Environment Brings More Challenges, and the Market is Highly Competitive
Boubyan Bank has recorded a net profit growth rate of 18% during the First Half of 2016. The bank’s net profits amounted to KD 18.9 Million compared with KD 16 Million in the First Half of 2015, with an earnings per share of 8.73 fils compared with 7.41 fils for the same period of 2015.
Mr. Adel Abdul Wahab Al-Majed, the Bank’s Vice Chairman and CEO, said that this level of profitability and growth was achieved despite the challenging operational environment and the high competition in the Kuwaiti market thereby increasing challenges to overcome in order to achieve the desired level of success.
“The increase in the Bank’s profitability is attributed to the Grace of Allah and then to the confidence of shareholders and customers as well as the efforts exerted by all the Bank’s staff and their constant keenness on providing the highest levels of service to customers coupled with innovation and creativity which have always been the Bank’s focus since the beginning of the restructuring strategy in 2009.”, Al-Majed added.
He went on to add: “The Bank’s key indicators noted a considerable growth during the first half of the year where the total assets increased to KD 3.4 billion at a growth rate of 18% while the operating income increased to KD 51.1 million at a growth rate of 17% in addition to the increase in customers’ deposits by 23%, to KD 2.8 billion.”
He further added that the total equity of the bank increased to KD 326 million compared to KD 301 million last year and that there was a notable increase in the financing portfolio to KD 2.4 billion at a growth rate of 18% in addition to the continuous growth of the bank’s customer base.
Al-Majed also stated that the market share, in financing portfolio, increased approximately to 6.7%, with an increase in Boubyan Bank’s share in the retail finance to approximately 10%.