Kuwait – Mubasher: The level of the increase in all Boubyan Bank’s indicators, especially profitability and growth, was achieved despite the challenging operational environment and the high competition in the Kuwaiti market, vice chairman and CEO of Boubyan Bank Adel Al-Majed said according to a recent statement.
Boubyan’s profits coincided Moody’s recent announcement of the revised credit rating which upgraded the outlook from stable to positive while affirming other ratings for the Bank, Al-Majed said in a comment on the achieved profits in the third quarter.
“The Bank’s key indicators show a considerable growth until the end of Q3 2016 where the total assets increased to KWD 3.5 billion with a growth rate of 17% while the operational revenues increased to hit KWD 76.3 million with a growth rate of 14% in addition to the increase in customers’ deposits by 22%, amounting to KWD 2.9 billion,” Al Majed noted.
Boubyan’s total equity grew to KWD 337 million compared with KWD 307 million in 2015, with a notable increase in the financing portfolio up to KWD 2.4 billion with a growth rate of 16% in addition to the continuous growth of the bank’s customer base, Al-Majed added.
“The market share, in financing, increased generally to approximately 7% in the meantime, while Boubyan Bank’s share of the retail finance increased specifically to approximately 10%,” he said.
