Boubyan Bank income surges 40%

EARNINGS ANNOUNCEMENT: Boubyan Bank said second quarter profit increased 40.2 percent to $32.12 million. (Getty Images)

Kuwaiti Islamic lender Boubyan Bank, an affiliate of sharia-compliant investment firm Investment Dar, posted a 40.2 percent rise in second-quarter net profit on Monday.

The lender which complies with Islam's ban on the payment or receipt of interest posted profit of 8.55 million dinars ($32.12 million) compared to 6.1 million dinars in the same period last year, according to a statement on the Kuwait bourse website.

Earnings per share rose to 7.35 fils in the three months to June 30 compared with 5.21 fils a year earlier, it said. There are 1,000 fils to the dinar.

Boubyan gave no explanation for the surge in profit.

First-half profit of 13.6 million dinars includes 9.18 million dinars of unrealised profit, reflecting the value of investments.

Investment Dar, which owns half of British luxury car-maker Aston Martin, owns 20 percent in Boubyan Bank, bourse data showed.

Global Investment House forecast a 15.8 percent rise in second-quarter net profit for Investment Dar, according to a survey by newswire Reuters last month.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM