Boubyan Bank records net profit of KD 49m for period ended Sept 2022

Boubyan Bank records net profit of KD 49m for period ended Sept 2022

KUWAIT: Boubyan Bank has announced operating profits of approximately KD 79 million during the period  ended  September 2022, while continuing to allocate provisions amounting to KD 31 million, thereby recording net profits of KD 49 million; approximately at a growth rate of 52 percent compared with last year, with an  earnings per share of11.8 fils.

Adel Al-Majed, Boubyan Bank’s Vice-Chairman and Group Chief Executive Officer stated: “With the end of Q3 and as we head towards the end of another year, Boubyan Bank continues to score positive results that confirm the robustness of the strategy being adopted by the bank, which aims at domestic expansion while slowly and cautiously exploring foreign markets.”

Al-Majed highlighted the most significant numbers recorded by the bank until September, where the bank’s total assets grew by 6 percent to reach KD 7.8 billion and the total of customers’ deposits grew by 7 percent to reach KD 5.8 billion, while the financing portfolio grew by 9 percent to reach KD 5.8 billion, and operating income grew by 9 percent to reach KD 153 million. Speaking of the bank’s market shares, the bank’s share of local financing increased generally to approximately 11.2 percent.

“Over the past years, Boubyan started its