LOC15:59
12:59 GMT
KUWAIT, Jan 22 (KUNA) -- Kuwait's Boubyan Bank said it posted KD 47.6 million (around USD 157 million) in net profits for 2017, a growth of 16 percent.
Boubyan Bank's Board Chairman Mahmoud Al-Fulaij said in a press release that the bank recommended the distribution of 7 percent cash and 5 percent bonus shares.
In spite of regional economic and geopolitical conditions, the bank could maintain the same growth level of last years, he boasted.
Deputy Chairman and CEO Adel Al-Majid said the bank's total assets went up to KD 4 billion (about KUSD 13.2 billion), a growth rate of 14 percent.
Operating revenues surged to KD 126 million (around USD 415.8 million), up by 22 percent, while deposits hiked to KD 3.4 billion (roughly USD 11.2 billion), up 15 percent, he added.
Established in 2004, Boubyan Bank was listed on Kuwaiti stock exchange in 2006 with an issued capital of KD 216.6 million (around USD 708.2 million). (end)
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