Kuwaiti lender Boubyan Bank announced that its net profit reached KD 2.48 million, a growth of 17% for the first quarter of 2012, compared to KD 2.11 million of the same period last year.
Chairman and Managing Director Adel Al-Majed told the press, on Tuesday, that the growth in the bank’s net profit reflects the rise in operating profits that reached to KD 7.5 million. This increase was due to the bank’s adoption of wise banking activities and financial solutions that meet the requirements of individuals and companies.
Banking deposits from December 2009 to February 2012 increased from 2.45 percent to 3.95 percent. The met income, of the same period, rose from KD 8.7 million to KD 11.8 million, Al-Majed noted.
Consumers’ deposits reached KD 1.2 million compared to KD 1 million; growing 12%.
The bank’s total assets as of the end of March 2012 amounted to KD 1.6 million compared to KD 1.4 million in the same period a year earlier, representing a 14% increase.
In addition, he stated that the bank’s total equity increased to KD 249 million compared to KD 242 million. The bank’s capital adequacy ratio to 24% against 12%, the minimum required ratio stipulated by the Central Bank of Kuwait, KUNA reported.