Kuwait – Mubasher: Boubyan Bank achieved a profit of 13.5% year-on-year during the fourth quarter of 2016 as compared to the same quarter a year ago.
Earnings increased to KWD 11.44 million ($37.4 million) in Q4-16 from KWD 10.08 million ($32.93 million) in Q4-15, according to a bourse filing on Thursday.
In the twelve-month period, Boubyan reported a growth of 16.6% in profits to KWD 41.07 million as compared to KWD 35.24 million in the same period of 2015.
The bank’s board recommended the distribution of KWD 12.97 million, representing 6% of the capital and distributing bonus shares at a value of KWD 108.3 million.
Boubyan said it will raise its paid-in and issued capital from KWD 216.61 million to KWD 227.47 million, through distributing bonus shares representing 5% of capital worth KWD 10.8 million.
Higher profits was due to an increase in the operating revenues by KWD 11.94 million which is attributable to a growth in the finance’s revenues by a value of KWD 9.2 million, the statement said.
