Dubai, UAE — Boubyan Bank, the third largest bank in terms of financing portfolio and total assets in the Kuwaiti market, has approved 8 percent in cash dividends and 6 percent in bonus shares for 2023.
The bank’s general assembly meeting said the dividends will be allocated on April 25. Chairman of Boubyan Bank, Abdulaziz Abdullah Dakheel Al-Shaya, said Boubyan Bank managed a record growth rate of 39 percent, while registering KD 80.4 million ($262.75 million) in net profits with an earnings per share of 18.8 fils.
He said the bank continued its precautionary approach by allocating KD 31.7 million in provisions.
“Boubyan Bank has successfully concluded its 5-year strategy ‘Boubyan 2023’, launched in 2019 that aimed at complete and positive transformation of its business operations. The bank has reaped the fruit of this strategy through accelerated growth across its financial indicators and market shares and reinforces the bank’s position as one of the major financial institutions regionally, and the third largest bank in terms of financing portfolio and total assets in the Kuwaiti market.”
Al-Shaya pointed out that all of the bank’s key indicators witnessed a remarkable growth in 2023, where the total combined assets of Boubyan Bank Group increased to KD 8.4 billion at a growth rate of 7 percent.
Moreover, the total of customers’ deposits grew by 9 percent to reach KD 6.5 billion, while the financing portfolio grew by 7 percent to reach KD 6.3 billion, and operating income grew by 8 percent to reach KD 218 million.
