Providing the fastest growth rate among the Islamic banks in Kuwait, Boubyan Bank reported net profits of 2.48 million Kuwaiti dinars for the first quarter in 2012 compared to KD 2.11 million for the equivalent period of 2011, by a growth rate of 17 percent due to hike in the bank's operating profits amounting to KD 7.5 million. This was stated in a press release on Tuesday.
Adel Al-Majed, Chairman and Managing Director of Boubyan Bank, highlighted that Boubyan managed, in a short span from the strategic development in 2009, to prove its potential to compete in the Islamic product and service market, which witnesses continuous growth of customer acquisition.
Al-Majed added, "Many of our strategic targets for 2010-2014 have been accomplished by the bank, which is now bound back to profitability thanks to the banking products and services and financing solutions that accommodate the individual and corporate customers' needs". "This is backed by a hike in our market share of deposits during the period from December 2009 to February 2012 from.45 percent to 3.95 percent, and of finance from 2.34 percent to 4.23 percent," Al-Majed added.
Boubyan Bank reported an increase in financing income for the first quarter of 2012 by 36 percent to touch KD 11.8 million against KD 8.7 million for the comparative period of 2011, and an increase by 21 percent to KD 1.249 billion compared to KD 1.036 billion in 2011.
Best among the positive highlight is was the booming financing portfolio, which amounted to KD 1.092 billion at the end of March 2012 compared to KD 889 million, a growth rate of 23 percent in addition to the increasing number of bank's customers.
Kuwait News Agency
