Mubasher: Boubyan Bank achieved an increase of 17.8% in profits during the first quarter of 2017 compared to the same quarter in the prior year.

Earning grew to KWD 12.56 million ($41.93 million) in Q-18 from KWD 10.66 million ($35.59 million) in Q1-17, according to a bourse statement on Tuesday.

The growth in Q1 profits is attributed to higher operating revenues of KWD 4.8 million in addition to a growth in operating expenses and a decline in provision by KWD 1.29 million and 1.32 million, respectively.

Boubyan Bank clarified that the incline in operating revenues is due to a growth of KWD 2.88 million and KWD 694,000 in net operating financing and net investment revenues, respectively.