Boubyan Bank Reports 80.7 Million KD Net Profit in Nine Months
Boubyan Bank announced a net profit of 80.7 million Kuwaiti Dinars, representing a 4 percent annual growth, over the past nine months.
Translated by Qiyas from كونا — Original source
Kuwait City, Oct 19 (KUNA) – Boubyan Bank announced today on Monday that it achieved net profits of 80.7 million Kuwaiti dinars (approximately $266.3 million) in the first nine months of the current year, representing a 4 percent year-on-year growth, with earnings per share of 16 fils.
In a press release, the bank stated that its assets rose during the same period to 11 billion dinars (approximately $36.3 billion), marking an 8 percent annual increase. Meanwhile, its financing portfolio reached 8.4 billion dinars (approximately $27.7 billion), up 10 percent year-on-year. Operating profits amounted to 110 million dinars (approximately $363 million), reflecting a 9 percent growth.
The statement quoted Boubyan Bank’s Board of Directors Chairman, Abdulaziz Al-Shaikh, saying that the announced results and indicators reflect the bank’s ability to adapt professionally, dynamically, and flexibly to various changing circumstances, thereby strengthening its sustainable growth strategy driven by a distinctive business model.
Al-Shaikh added that the issuance of Mudaraba sukuk valued at 90 million dinars (approximately $297 million) as the bank’s first local-currency sukuk issuance, within the additional first tranche of capital, represents a significant addition to financing and investment instruments in the local market, supporting capital structure efficiency and future growth plans.
For his part, Adel Al-Majed, Vice Chairman and Chief Executive Officer of Boubyan Group, said in the statement that the bank continues to develop its institutional capabilities, invest in human capital, and enhance operational efficiency, thereby supporting business development, driving performance efficiency, and keeping pace with rapid market developments.
Al-Majed further noted that Boubyan is advancing its institutional transformation strategy by leveraging artificial intelligence technologies to develop its business model and improve the efficiency of various departments, thereby supporting the establishment of a banking institution empowered by these technologies. (End) F.N.K./A.M.H.
