Kuwait – Mubasher: Boubyan Bank on Sunday announced achieving a 13.8% year-on-year rise in profits in the third quarter of 2017.

The Kuwaiti bank’s profits amounted to KWD 12.2 million ($40.44 million) in the period between July and September, up from KWD 10.72 million ($35.53 million) in the year-ago period, according to a filing to Boursa Kuwait.

In terms of the first nine months of the year, Boubyan Bank logged KWD 34.07 million in profits, registering a year-on-year increase of 15% from KWD 29.63 million.

The bank attributed the higher profits to improved operating revenues by KWD 15.23 million on the back of higher revenues from financing operations by KWD 11.43 million, which results from growth in the Kuwait-based bank’s assets during the period, the statement showed.

The Kuwaiti bank also saw an increase in net operating revenues by KWD 2.43 million on the back of results from an associate company, with Boubyan’s stake amounting to KWD 1.67 million.

In September, Moody's Investors Service affirmed its long-term deposit rating for Boubyan Bank at “A3”, with a “Stable” outlook and the bank’s short-term deposits at “P-2”, maintaining its credit rating at “Ba1”.

The ratings reflected the Kuwait-listed Boubyan Bank’s growing share in the Kuwaiti market, reaching 10%, during the first half of 2017, and bolstering its financial position, Moody’s had said, forecasting that the bank’s profitability will remain stable on higher operating revenues.

Boubyan Bank previously logged a 14.3% year-on-year increase in profits, reaching KWD 11.21 million ($36.9 million) in Q2-17 compared to KWD 9.81 million ($32.3 million) in Q2-16. The bank also posted KWD 21.87 million in H1-17, up 15.7% from KWD 18.91 million in the same period of 2016.