Boubyan Bank records net profit of KD 61.1m for 9-month period in 2023

Boubyan Bank records net profit of KD 61.1m for 9-month period in 2023

KUWAIT: Boubyan Bank has announced outstanding financial results for the period ending 30 September 2023, with KD 61.1 million in net profits, at a growth rate of 26 percent compared with last year, with the earnings per share of 13.9 fils. Boubyan Bank’s Vice-Chairman & Group Chief Executive Officer Adel Al-Majed stated: “Thanks to Almighty Allah, Boubyan Bank had a solid financial performance during Q3, and recorded a positive growth across all indicators and results. This reflects the success of our expansion plans, increase of our market shares, and progress in accelerating our growth and improving our overall operational performance.”

Al-Majed highlighted the most significant numbers recorded by the bank until the end of Q3 of this year, where the total customers’ deposits grew by 8 percent to reach KD 6.3 billion, while the bank’s financing portfolio grew by 5 percent to reach KD 6.1 billion, and the operating income grew by 7 percent to reach KD 163.2 million. Speaking of the bank’s market share, the bank’s share of local financing increased to 11.6 percent. “Boubyan has been recording solid financial results ever since the beginning of 2023 despite the challenges and economic concerns worldwide, and the impact of high inflation.

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