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Boubyan Bank logs 12% higher profits in 2019; dividends approved

Boubyan Bank logs 12% higher profits in 2019; dividends approved
The bank reported KWD 17.42 million profits in Q4-19
BOUBYAN
BOUBYAN
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Mubasher: The net profits of Boubyan Bank grew by 12% year-on-year (YoY) at KWD 62.65 million ($206.98 million) during the fiscal year ended 31 December 2019 when compared to KWD 56.11 million ($185.37 million).  

Earnings per share (EPS) increased by 6% in 2019 to total 20.40 when compared to 19.17 in the previous year, according to a bourse statement on Monday.

During the fourth quarter (Q4) of 2019, the bank achieved profits worth KWD 17.42 million, compared to KWD 15.79 million in Q4-18, up by 10%.  

Boubyan Bank clarified that the growing annual profits are attributed to the bank's higher operating income of KWD 145.77 million, up by KWD 6.05 million, was largely driven by higher financing income by KWD 24.69 million which was offset by the increased finance cost and distribution to depositors by KWD 25.53 million.

Moreover, the increase in FY19 profits resulted from a growth of KWD 3.10 million and KWD 2.99 million in net investment income as well as fees and commission, respectively, the financials showed.     

Furthermore, the bank’s board recommended distributing cash dividends worth KWD 25.95 million for 2019, representing 9% of the share’s nominal value, in addition to bonus shares worth KWD 14.42 million, representing 5% of the bank’s capital.