Boubyan Bank K S C P : Financial Results for the period ending in 31 March 2024

BOUBYAN BANK K.S.C.P. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED)

For the period from 1 January 2024 to 31 March 2024

		Three months ended
		31 March
		2024	2023
	Notes	KD'000's		KD'000's
Income
Murabaha and other Islamic financing income		108,993	91,033
Finance cost and distribution to depositors		(62,120)	(51,271)
Net financing income		46,873	39,762
Net investment income	3	3,719	3,420
Net fees and commission income		9,244	7,831
Net foreign exchange gain		1,789	1,548
Operating income		61,625	52,561
Staff costs		(16,690)	(14,175)
General and administrative expenses		(9,255)	(7,262)
Depreciation		(3,940)	(3,569)
Operating expenses		(29,885)	(25,006)
Operating profit before provision for impairment		31,740	27,555
Provision for impairment	4	(5,950)	(10,374)
Operating profit before deductions		25,790	17,181
Taxation (charged)/ reversal	5	(1,169)	2,261
Net profit for the period		24,621	19,442
Attributable to:
Equity holders of the Bank		24,992	20,612
Non-controlling interests		(371)	(1,170)
Net profit for the period		24,621	19,442
Basic and diluted earnings per share attributable to the equity holders of
the Bank (fils)	6	5.23		4.19

The notes from 1 to 20 form an integral part of this interim condensed consolidated financial information.

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BOUBYAN BANK K.S.C.P. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME (UNAUDITED)

For the period from 1 January 2024 to 31 March 2024

Three months ended

31 March

20242023

KD'000's KD'000's

Net profit for the period	24,621	19,442
Other comprehensive income / (loss):
Items that are or may be reclassified to interim condensed consolidated statement
of profit or loss in subsequent periods:
Change in fair value of debt investments at fair value through other comprehensive income	2,945	(3,713)
Foreign currency translation adjustments	(167)	308
Items that will not be reclassified to interim condensed consolidated statement
of profit or loss in subsequent periods:
Change in fair value of equity investments at fair value through other comprehensive
income	19	(1)
Other comprehensive income / (loss) for the period	2,797	(3,406)
Total comprehensive income for the period	27,418	16,036
Attributable to:
Equity holders of the Bank	27,892	17,074
Non-controlling interests	(474)	(1,038)
Total comprehensive income for the period	27,418	16,036

The notes from 1 to 20 form an integral part of this interim condensed consolidated financial information.

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BOUBYAN BANK K.S.C.P. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

As at 31 March 2024

				(Audited)		31 March
	Notes	31 March		31 December
	2024	2023	2023
		KD'000's		KD'000's		KD'000's
Assets
Cash and balances with banks	7	561,885	398,952	379,448
Deposits with Central Bank of Kuwait		167,354	218,997	438,271
Deposits with other banks		68,007	96,228	145,278
Islamic financing to customers	8	6,464,289	6,321,041	5,970,371
Investment in Sukuk	9	934,143	886,286	677,920
Other investment securities	9	155,515	156,760	146,252
Investment properties		71,942	73,521	55,741
Other assets		98,023	103,988	84,121
Property and equipment		151,967		149,216		133,549
Total assets		8,673,125	8,404,989	8,030,951
Liabilities and equity
Liabilities
Due to banks		156,296	187,206	160,520
Depositors' accounts		6,845,765	6,479,066	6,220,178
Medium term financing	10	499,257	591,680	559,545
Other liabilities		150,269		118,202		124,828
Total liabilities		7,651,587	7,376,154	7,065,071
Equity
Share capital		396,300	396,300	373,868
Share premium		316,942	316,942	316,942
Proposed bonus shares	19	23,778	23,778	22,432
Treasury shares	12	(54)	(54)	(54)
Statutory reserve		55,233	55,233	46,761
Voluntary reserve		15,327	15,327	15,327
Other reserves	13	3,199	299	(7,326)
Retained earnings		37,083	15,127	22,302
Proposed cash dividends	19	-		31,700		-
Equity attributable to equity holders of the Bank		847,808	854,652	790,252
Perpetual Tier 1 Sukuk	18	150,385	150,385	150,385
Non-controlling interests		23,345		23,798		25,243
Total equity		1,021,538	1,028,835	965,880
Total liabilities and equity		8,673,125	8,404,989	8,030,951

Abdulaziz Abdullah Dakheel Al-Shaya		Adel Abdul Wahab Al Majed
Chairman		Vice Chairman & Group Chief Executive Officer

The notes from 1 to 20 form an integral part of this interim condensed consolidated financial information.

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