Boubyan Bank achieves net profit of KD 8 million for 2011

30/01/2012 08:41 AST

Boubyan Bank said on Sunday its results for 2011 showed a net profit of eight million Kuwaiti dinars - a growth of 31 percent, in comparison with the six million dinars net profit of 2010.

Chairman of Boubyan Bank Ibrahim Al-Qadhi, said in a press statement on Sunday, the growth in the bank's net profits reflects the rise in operating profits by 24 percent to reach KD 30.4 million, while it continues to take general and precautionary provisions to reinforce its financial position. He noted that despite the bank facing tough economic challenges, in and out of the country, it was able to achieve satisfactory results. He pointed out that some of the noticeable positive indicators include the increase in net finance income to KD 39.6 million for this year compared to KD 30.3 million for 2010; growing by 31 percent, in addition to the increase in customers' deposits to KD 1,202 million compared to KD 941 million by the end of September 2010; growing by 28 percent. On his part, the Vice-Chairman, Adel Al-Majed mentioned that the bank's total assets as of the end of September 2011 amounted to KD 1,552 million compared to KD 1,316 million in the same period a year earlier, representing an 18 percent increase.

He said, that the most noticeable fact in last year is proving the success of the Bank's strategy for the second year of implementation as the Bank's market share of finance rose to 4.1 percent in addition to a rise in its share of deposits to 3.8 percent despite the challenges undergone by different economic sectors. In addition, he stated that the bank's total equity increased to KD 247 million compared to KD 240 million; boosting the bank's capital adequacy ratio to 25 percent against 12 percent, being the minimum required ratio stipulated by the Central Bank of Kuwait, the state's official monetary authority. Furthermore, the bank carried on its expansion plan on the branches level increasing its branches to 20 in the framework of the new strategy which targets reaching 30 branches by year 2014.

Al Watan