Net profit growth of 17% in 2016
Boubyan Bank reports net profit of KD 41 M with an EPS of 17.8 Fils
Boubyan Bank achieved net profit growth rate of 17%, recording a net profit of KD 41 Million for the year ended 31 December 2016 with an EPS of 17.8 fils compared with 16.3 fils for 2015.
The Board has recommended the distribution of cash dividends of 6% per nominal share value (i.e., 6 fils per share) and 5% in bonus shares (i.e., 5 shares per 100 shares).
Mr. Mahmoud Yousef Al-Fulaij, the Chairman, stated that the Bank’s profit rate growth over the past years confirms the success of the strategy set by the Bank in 2010 that placed it among the best Islamic banks in Kuwait and the region.
“Despite the economic and geopolitical circumstances surrounding the region, the Bank managed to overcome such obstacles in order to maintain the same profit growth rates achieved over the past years.”, he further added.
Al-Fulaij further thanked the shareholders and customers for their confidence in Boubyan Bank and their support over the past years where they contributed, after Allah’s Grace, to the achievement of such growth rates together with the Bank’s human resources which contributed to such success.
** Growth of All Main Indicators
On the other hand, Mr. Adel Abdul Wahab Al-Majed, the Bank’s Vice Chairman and CEO, stated that all of the Bank’s key performance indicators shows that the Bank witnessed a remarkable growth during 2016, where the total assets increased to KD 3.5 billion at a growth rate of 11% while the operational revenues increased to reach KD 103 million at a growth rate of 13% in addition to the increase in customers’ deposits by 23%, amounting to KD 2.9 billion.
He further added that the total equity of the bank increased to KD 345 million compared with KD 318 million last year and that there was a notable increase in the financing portfolio to KD 2.5 billion with a growth rate of 16% in addition to the continuous growth in the bank’s customers’ base.
Al-Majed stated as well that the market share, in financing, increased to approximately 7.2%, while the share of the retail finance increased significantly to approximately 10.3%.