Mubasher: The interim financial statements of Boubyan Bank showed a 12.3% year-on-year increase in profits during the third quarter of 2019.

Year-on-year, the profits amounted to KWD 16.36 million ($53.93 million) in Q3-19, compared to KWD 14.57 million ($48.03 million), according to a bourse filing on Wednesday.

During the nine-month period of 2019, the bank logged profits worth KWD 45.23 million, 12.2% higher than KWD 40.31 million during the corresponding period in 2018.

The bank ascribed the increase in profits to higher operating income by KWD 4.457 million due to the increase in financing income by KWD 18.368 million which was offset by higher financing and distribution costs to depositors by KWD 21.04 million.

The company registered higher net investment income, and fees and commissions by KWD 4.3 million and KWD 2.15 million, respectively.

It is worth highlighting that during the first half of 2019, Boubyan Bank’s profits soared by 12.2% to KWD 28.87 million from KWD 25.74 million in H1-18.