Kuwait – Mubasher: Boubyan Bank on Tuesday reported a 14.3% year-on-year increase in profits in the second quarter of 2017.
The bank achieved profits of KWD 11.21 million ($36.9 million) in Q2-17 up from KWD 9.81 million ($32.3 million) in Q2-16, according to a bourse statement.
As for the first six months of 2017, the bank's profits reached KWD 21.87 million, rising 15.7% from KWD 18.91 million in H1-16.
Boubyan Bank’s total assets rose 10% to KWD 3.7 billion in H1-17, said vice chairman and CEO Adel Al-Majed.
The operating revenue surged 17% reaching KWD 60 million, while customers’ deposits increased by 14% to KWD 326 million, Al-Majed added.
He indicated that the bank’s total shareholders’ equity rose to KWD 352 million, versus KWD 326 million in the corresponding period of the year before, while the financing portfolio hiked 18% to KWD 2.8 billion.
Boubyan’s share of financing individuals rose 11%, Al-Majed revealed, stating that the bank has 39 branches up from 15 branches five years ago.
The Kuwait-listed bank previously posted a 17.6% rise in profits reaching KWD 10.7 million in Q1-17, compared to KWD 9.1 million in Q1-16.
By the end of trading on Tuesday, Boubyan Bank’s stock inched up 0.25% to 409 fils, achieving liquidity of KWD 399,600, and trading volume of 976,500 shares.
