Boubyan Bank reports net profit of KWD 41 million, up 17 per cent
Boubyan Bank achieved net profit growth rate of 17 per cent, recording a net profit of KWD 41 million for the year ended 31 December 2016 with an EPS of 17.8 fils compared with 16.3 fils for 2015.
The Board has recommended the distribution of cash dividends of six per cent per nominal share value (six fils per share) and five per cent in bonus shares (five shares per 100 shares).
Chairman of Boubyan Bank, Mahmoud Yousef Al-Fulaij, stated that the bank’s profit rate growth over the past years confirms the success of the strategy set by the bank in 2010 that placed it among the best Islamic banks in Kuwait and the region.
“Despite the economic and geopolitical circumstances surrounding the region, the Bank managed to overcome such obstacles in order to maintain the same profit growth rates achieved over the past years,” he said.
Adel Abdul Wahab Al-Majed, the bank’s Vice Chairman and CEO, stated that all of the bank’s key performance indicators pointed to remarkable growth during 2016. Total assets increased to KWD 3.5 billion at a growth rate of 11 per cent while operational revenues reached KWD 103 million, up 13 per cent in addition to an increase in customers’ deposits by 23 per cent, amounting to KWD 2.9 billion.
The total equity of the bank increased to KWD 345 million compared with KWD 318 million last year and there was a 16 per cent increase in the financing portfolio to KWD 2.5 billion.
Al-Majed stated that the bank’s market share, in financing, increased to approximately 7.2 per cent, while the share of the retail finance increased to approximately 10.3 per cent.