Arab News, Thursday, Oct 21, 2021 | Rabi Al-Awwal 14, 1443
Kuwait’s Boubyan Bank net profits grow by 37%, plans ESG framework
Kuwait: 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.”