Kuwait – Mubasher: Boubyan Bank achieved a profit of 17.5% year-on-year (YoY) during the third quarter of 2016 as compared to the same quarter a year ago.
Earnings increased to KWD 10.72 million ($35.38 million) in Q3-16 from KWD 9.12 million ($30.1 million) in Q3-15, according to a bourse statement issued on Thursday.
In the nine-month period, Boubyan reported a growth of 17.8% in profits to KWD 29.63 million as compared to KWD 25.16 million in the same period of 2015.
The growth in profits was attributed to higher operating revenues by KWD 9.2 million which resulted from a rise in the net finance revenue by KWD 7.5 million.
The statement added that the increase in earnings also resulted from a rise in net investment to KWD 1.637 million as well as the KWD 1.43 million growth in fees and commission revenue.
