Boubyan Bank reports 17% net profit growth in first quarter

Boubyan Bank recently said it recorded net profit growth of 17 percent for the first quarter of 2017, with $35.1 million in net profits.

Bank Vice Chairman and CEO Adel Wahab Al-Majed said in a press release that the profit increase shows a good start to a year that is expected to be highly challenging for both Islamic and conventional banks in Kuwait. He said that the all of the bank’s main indicators showed remarkable growth.

“Despite all the challenges faced by the Kuwaiti economy and the banking sector, in particular, over the recent years, Boubyan Bank maintained a good level of growth whether in terms of profitability or market share,” Al-Majed said.

Majed also said that that Moody’s Analytics released a positive report about the bank.

“The agency’s upgrade of the long-term deposit ratings highlights the growth of Boubyan Bank’s share in the Kuwaiti market and reinforces the bank’s strategic and financial importance,” Majed said. “Moody’s, one of the most prestigious global credit rating agencies, has recently upgraded the credit rating of Boubyan Bank’s long-term deposit ratings from Baa1 to A3”.