Boubyan bank posts kuwaiti dinar 6.3m net profit

Boubyan Bank posted a net profit of KD 6.3 million for the first half of 2013 at earnings per share of 3.4 fils, increasing by 20 percent compared to the same period of last year. The Bank's achievement in the first half of this year is a continuation of its success since 2010, when the Bank started implementation of its new strategy and distribution of profit to shareholders, Chairman of Boubyan Bank Mahmoud Al-Fulaij said in a press statement. For his part, Vice-Chairman and CEO of Boubyan Bank Adel Al-Majed presented, in the same statement, some of the key positive indicators in the Bank's financial results. He stressed that the most remarkable achievement is that the Bank's assets exceeded KD 2 billion for first time in its history; growing by 18 percent compared to the same period of last year. Al-Majed also pointed out other positive indicators, including the increase in financing income to KD 28.8 million by the end of the first half of this year compared to KD 24.3 million for the same period of 2012; growing by 19 percent, in addition to the increase of customers' deposits to KD 1.6 billion compared to KD 1.3 billion; a boost of 20 percent. Meanwhile, he said that total shareholders' equity increased to KD 261 million compared to KD 250 million; giving rise to a Capital Adequacy Ratio of 23 percent. In addition, Al-Majed noted that positive indicators also included an increase in financing portfolio to KD 1.4 billion by the end of last June compared to KD 1.2 billion by the end of June 2012; a boost of 18 percent in addition to the continuous increase of the Bank's customer base.