(MENAFN) Boubyan Bank of Kuwait has disclosed a noteworthy 21 percent increase in its quarterly net profits, reaching 24.992 million dinars (USD81.15 million) in the first quarter of 2024. This surge in profits, compared to 20.612 million dinars recorded in the corresponding period of 2023, was attributed to several key factors outlined in a statement to Boursa Kuwait.
According to the bank's statement, the uptick in profits was primarily driven by a 7.11 million dinars increase in net financing income, alongside a rise in net fees and commission income by 1.4 million dinars. Additionally, a decrease in the provision for impairment by 4.4 million dinars contributed to bolstering the bank's financial performance during the quarter.
However, the positive impact of these factors was partly offset by an increase in operating expenses by 4.88 million dinars and a rise in the value of external taxes by 3.2 million dinars, as outlined in the statement. Despite these challenges, Boubyan Bank's strong financial fundamentals and strategic initiatives have positioned it for sustained growth and resilience in the face of market dynamics.
Abdul Salam Al-Saleh, CEO of Boubyan Bank, emphasized the robust liquidity position enjoyed by Kuwaiti banks, which strengthens their financial resilience and capacity to navigate challenges in local, regional, and global markets. In an interview with "Sky News Arabia" in February, Al-Saleh highlighted the bank's increasing interest in the markets of the Gulf countries region, signaling a strategic focus on expanding its presence in these markets in the coming period.
Al-Saleh underscored the bank's deep understanding of Gulf markets, citing strong relations with these countries and their stable financial capabilities to support development projects. Boubyan Bank's strategic focus on the Gulf region aligns with its commitment to leveraging opportunities for growth and market expansion, underpinned by its solid financial position and prudent management approach.
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