Kuwait’s Boubyan Bank net profits grow by 37%, plans ESG framework

Bank plans to expand its digital services with a focus on fintech

  
Kuwaiti traders are seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019. Image used for illustrative purpose

Kuwaiti traders are seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019. Image used for illustrative purpose

REUTERS/Stephanie McGehee
RIYADH: Kuwait’s Boubyan Bank net profits rose by 37 percent during the first nine months of 2021 while operating profits recorded a growth of 18 percent to reach 140 million dinars ($145.8 million).

Abdullah Al-Tuwaijri, CEO of personal and digital banking services at the bank, said that fees and commissions were the biggest support for the bank’s performance in the last quarter, as the growth rate exceeded 25 percent, in addition to the financing portfolio, which rose by 18 percent.

In an interview to CNBC Arabia, he said the bank’s current assets have exceeded 7 billion dinars and its market share in individual services sector stands at about 15 percent.

He said the bank plans to expand its digital services with a focus on fintech and also aims to work on developing a framework for environmental, social and governance standards.

He said: “We are still conservative and believe that the economic and operational matters in Kuwait are better, as we noticed during the third quarter business growth, but we still have a conservative view and we are waiting until the end of the year to see the general indicators.”

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