Mubasher: Boubyan Bank reported a 16.4% year-on-year hike in profits during the first three months of 2019.
The bank’s profits reached KWD 14.62 million ($48.12 million) from January to March, compared to KWD 12.56 million in Q1-18, according to a bourse filing.
The Kuwait-based lender attributed Q1-19 profit growth to a rise in operating revenues by KWD 3.04 million, combined with an increase in net revenues of investments by KWD 1.82 million.
In January, Boubyan Bank’s profits jumped 17.9% year-on-year during the full-year 2018, logging KWD 56.11 million, up from KWD 47.61 million.
In March, the bank’s shareholders approved the board of directors’ recommendation to distribute 8 fils per share as a cash dividend for 2018.
