Boubyan Bank’s net profits grow by 19% in 2022 to reach KD 57.8 million

Boubyan Bank’s net profits grow by 19% in 2022 to reach KD 57.8 million

KUWAIT: Boubyan Bank reported KD 57.8 million in net profits for the year 2022 with a growth rate of 19%, with an earnings per share of 14.2 fils along with a recommendation to distribute 6 fils in cash dividends and 6% in bonus shares. Moreover, the bank continued its precautionary approach by allocating KD 43.6 million in provisions.

The Chairman, Mr Abdulaziz Abdullah Al-Shaya, stated: “Thanks to Almighty Allah, we recorded outstanding results in 2022 despite the domestic and global challenges that affected the performance of banks and other business sectors in general.”

Mr Al-Shaya stated that all of the bank’s key indicators witnessed a remarkable growth in 2022, where the total consolidated assets of Boubyan Bank Group increased to KD 7.9 billion at a growth rate of 7%. Moreover, the total of customers’ deposits grew by 6% to reach KD 6 billion, while the financing portfolio grew by 7% to reach KD 5.9 billion, and operating income grew by 7% to reach KD 201 million.

Mr Al-Shaya stressed the Board’s full and ongoing support to the efforts of the bank’s highly-professional executive management, stating that he valued their efforts towards achieving the good results, which could not have been achieved without the