Mubasher: The income statements of Boubyan Bank showed an increase of 17.6% in profits during the second quarter of 2018 compared to the corresponding period last year.
Earnings grew to KWD 13.18 million ($43.62 million) in Q2-18 from KWD 11.21 million ($37.1 million) in Q2-17, according to a bourse statement on Monday.
During the first six months of 2018, Boubyan Bank recorded a growth of 17.7% in profits to KWD 25.74 million from KWD 21.87 million in the corresponding period last year.
The increase of earnings is attributed to a growth of KWD 10.8 million in operating revenue which was partially offset by a growth in operating expenses and provision impairment by KWD 3.11 million and KWD 3.46 million, respectively.
“The increase in operating income was mainly due to the growth in net finance income and net investment income by KWD 5.65 million and KWD 2.69 million, respectively.
It is noteworthy that Boubyan Bank achieved an increase of 17.8% in profits to KWD 12.56 million during the first quarter of 2018 from KWD 10.66 million in the same period last year.
