— Kuwait’s Boubyan Bank announced KD 33 million of profits (USD 108.9 million) for H1 2022, up 54 percent, compared with last year, with a profit of 8.5 fils per share.

Performance profits for H1 2022 reached KD 53 million (about USD 174.9 million), said Deputy Board Chairman and Boubyan Group CEO Adel Al-Majid in a statement on Wednesday.

The first half of this year ended with positive results that represent the bank’s expansion plans, said Al-Majid. He added that 2022 is a good year for the bank to return to its normal performance after two years of instability due to the coronavirus.

He noted that the total deposits of clients reached USD 5.6 billion, with a growth of four percent, adding that the bank’s market share from local finance went up to about 11 percent.

Meanwhile, the CEO said that Boubyan Bank started expanding abroad in the past few years, succeeding in the acquisition of the Bank of London and the Middle East (BLME), owning 71 percent of shares currently.

He also spoke of the full launch of Bank Nomo’s works in Kuwait and the UK, as the first global Islamic digital bank from London.

Source: Kuwait News Agency