Kuwait- Mubasher: Financial statements for Boubyan Bank for the fiscal year (FY) ending December 31, 2014, revealed a surge in net profit by 111% to KWD 28.2 million. Earnings per share reached 14.4 fils during the period compared to 6.8 fils during the same period of 2013. 

 

The Board has recommended the distribution of cash dividends of 5% per nominal share value (5 fils per share) and 5% in bonus shares (5 shares for each 100 shares).


Bank Chairman Mahmoud Al-Fulaij announced that the Bank aspires to realize more achievements during the current year despite the challenges in the banking industry or those related to the local and regional economy.


Al-Fulaij noted that the indicators showed that the Bank witnessed a remarkable growth during 2014 where the total assets increased 21% to KWD 2.7 billion. In addition, the operating revenues rose 17% to KWD 78 million and the customers’ deposits also grew 26% to reach KWD 2.1 billion.


He added that the bank’s total equity increased to KWD 296 million during the period compared to KWD 264 million. There was also a notable increase in the financing portfolio by 22% to KWD 1.8 billion in addition to the continuous growth of the bank’s customers’ base.


Al-Fulaij also stated that the market share, in financing portfolio, increased from 2.3% in 2009 to 5.8% currently, while the share of the consumer finance increased significantly from 1.2% to more than 8.3% currently. Also, 12% of Kuwaiti adults maintain accounts with the Bank.

Photo Credit: Arabianeye-Reuters