Boubyan Bank records KD 17 million in net profits for first quarter of 2022

Boubyan Bank records KD 17 million in net profits for first quarter of 2022

KUWAIT: Boubyan Bank has announced KD 26 million in operating profits for the first quarter of this year as the bank recorded KD 17 million in net profits at a growth rate of 34 percent compared with last year, while the earning per share amounts to 4.17 fils.

Boubyan Bank’s Vice-Chairman & Group Chief Executive Officer, Adel Al-Majed stated: “Thanks to Almighty Allah, our Q1 profits were good, which is a good start to the year 2022 as we hope it would be a good year for everyone. Of course, we had to allocate additional precautionary provisions to support the bank’s financial position, and to bolster our ability to face any future repercussions of the regional and international developments.”

Positive results

Al-Majed highlighted the most significant numbers recorded by the bank during Q1, as the bank’s assets grew to KD 7.5 billion at a growth rate of 10 percent compared with last year, while the bank’s financing portfolio grew by 15 percent to reach KD 5.7 billion, and operating income grew by 10 percent to KD 50 million, thus increasing the bank’s market share of local financing to 11.3 percent.

International testimonial

Al-Majed stated: “Last week was outstanding as the bank received an international testimonial