Kuwait-Mubasher: Boubyan Bank reported a 13.6% rise in profits of the second quarter of 2016 as compared to the same period in the previous year, according to a recent statement.
Earnings grew to KWD 9.8 million ($32.38 million) in Q2-16, from KWD 8.63 million ($28.52 million) in Q2-15.
Over the first half of 2016, Boubyan’s profits reached KWD 18.9 million, 18.1% higher from KWD 16 million posted in the corresponding period in 2015.
The banks overall assets increased by 18% to KWD 3.4 billion in H1-16, while the operating revenues grew by 17% to KWD 51.1 million, Boubyan’s CEO Adel Al-Majed said. He added that deposits rose by 23% to amount to KWD 2.8 billion.
Overall shareholders’ equity increased to KWD 326 million this year as compared to KWD 301 million a year ago, Al Majed said, adding that Boubyan’s finance portfolio grew by 18% to KWD 2.4 billion. The market share widened by 6.7%.
He clarified that the bank has succeeded in covering capital sukuk subscription by more than $1.3 billion; five times the target amount in a two-week duration.
Boubyan Bank’s stock ended Thursday’s session falling 1.32$ to 375 fils, after around 184,190 shares were traded as a value of nearly KWD 69,210.
