Kuwait’s Boubyan Bank Q1 net profit almost doubles

KUWAIT - Kuwaiti Islamic lender Boubyan Bank BOUK.KW made 3.1 million dinars ($10.72 million) in the first quarter, almost double its profit in the year-earlier period.

By (Reuters)

Published: Sat 14 Apr 2007, 6:17 PM

Last updated: Sat 4 Apr 2015, 9:07 PM

The bank’s profits attributable to shareholders in the three months to March 31 surged 94 percent over the 1.6 million dinars it made in the first quarter of 2006, Boubyan said in a statement on the Kuwait bourse Web site.

Boubyan said the profit included an unrealised gain of 246,000 dinars from an increase in the value of portfolio investments.

Earnings per share rose to 2.9 fils in the quarter, from 1.6 fils in the same quarter last year. There are 1,000 fils to the dinar.

Kuwait Finance House KFIN.KW, the Gulf’s second-largest Islamic lender by market value, said on Friday first-quarter profit attributable to shareholders jumped 38 percent, beating forecasts.

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