Boubyan Bank reports KD 45 mLn net profits in 2019 third quarter

KUWAIT, Kuwait’s Boubyan Bank reported a net profit of 45 million Kuwaiti dinars (about 150 million US dollars) during the third quarter of this year, a growth of 12 percent compared to the same period last year.

In a statement, the bank said that earnings per share stood at 15.25 fils compared to 14.2 fils during the same period last year.

The statement quoted the bank’s Deputy Chairman and Chief Executive Officer Adel Al-Majed as saying that this year is particularly important as the bank celebrates its 15th anniversary and 10 years since the implementation of the transformation strategy, which was launched in 2009.

Al-Majed said the bank’s total assets jumped to KD 5 billions (about USD 16.5 billion), a growth of 18 percent, while operating income rose to 109 million dinars (about USD 360 million), a growth of 4 percent.

Boubyan Bank was incorporated in 2004 and was listed on the Kuwait Stock Exchange in 2006 with an authorized capital of KD 216.6 million (about USD 708 million).

Source: Kuwait News Agency