Kuwait's Boubyan Bank announces 20% growth

Kuwait's Boubyan Bank announced on Monday that its net profit for 2012 reached KD 10 million, a growth of 20 percent, compared to earnings of 2011. Profit per share amounted to 5.75 fils, said Chairman and Manager Director Adel Al-Majed in a statement on Monday. The bank board has advised distribution of five percent of the shares as a grant, for the first time since 2007. Al-Majed said the bank's earnings have continued to grow since 2010, adding that last year witnessed resumption of distribution of dividends to share-holders. Boubyan Bank, since the strategic changes it had witnessed in 2009, when the National Bank of Kuwait became one of is major owners, has proven ability of competition in the services and Islamic products' markets. Al-Majed indicated that the bank had succeeded in achieving many of the goals of its strategy, drawn up for the 2010-2014, such as expanding the base of work, dependence on banking activities such as services, products and financing solutions and pursuing a conservative policy for building allocations. Boubyan Bank's share in the financing operation in the local market grew 4. 7 percent, same level recorded in 2011, in contrast to 2.3 percent in the end of December, 2009. The chairman also listed a chain of positive signs of the bank financial results, namely increase of the net financing proceeds, reaching KD 53 million compared with KD 40 million of 2011, with a 33 percent rise, in addition to increasing the clients' deposits to KD 1.4 billion in contrast to KD 1.2 billion. Overall assets grew, in the end of December 2012, to KD 1.9 billion as compared to KD 1.5 billion. Overall value of shareholders' rights reached KD 254 million, compared with KD 244 million.