Boubyan Bank reports 18% growth rate in 2016

Kuwait's Boubyan Bank recently reported a net profit of $62.7 million with a growth rate of 18 percent during the first half of 2016 compared to a net profit of $53 million in the first half of 2015.

Boubyan Bank Vice Chairman and CEO Adel Abdul Wahab Al-Majed noted that the growth in revenue was earned in the face of a very difficult operational environment and a high level of competition in the Kuwait market.
  
“The increase in the bank’s profitability is attributed to the grace of Allah and then to the confidence of shareholders and customers as well as the efforts exerted by all the bank’s staff and their constant keenness on providing the highest levels of service to customers coupled with innovation and creativity, which have always been the bank’s focus since the beginning of the restructuring strategy in 2009,” Al-Majed said.

Al-Majed said the bank’s total equity grew to $1.08 billion compared to $998 million in 2015. The increase in the financing portfolio was recorded at a growth rate of 18 percent, which is in addition to the constantly growing customer base of the bank.

 “The bank’s key indicators noted a considerable growth during the first half of the year where the total assets increased to 3.4 billion KD ($11.2 billion) at a growth rate of 18 percent while the operating income increased to 51.1 million KD ($169 million) at a growth rate of 17 percent in addition to the increase in customers’ deposits by 23 percent, to 2.8 billion KD ($9.2 billion),” Al-Majed said.

The financing portfolio market share jumped to roughly 6.7 percent, following a growth in the Boubyan Bank’s share in retail finance to nearly 10 percent, Al-Majed said.