Business & Finance Club - KUWAIT : Boubyan Bank posted a net profit of KD three million in the first half of 2010, compared to a net loss of KD 11.7 million for the same period last year.

In a press release, Chairman Ibrahim Al-Qadhi said that these results included the bank's operational profit after putting aside KD 4.7 million to consolidate Boubyan's financial status, adding that it also included KD 1.4 million profit for the second quarter of the year.

He said that among the positive indicators was an increase in net financing revenue, coming to KD 13.6 million, compared to KD 10.9 million in the first half of 2009, growing 24.7 percent.

Client deposits came to KD 820 million compared to KD 726 million, growing 13 percent.

Al-Qadhi said that the bank's assets in the first half of the year came to KD 1.2 billion, against KD 943 million for the same period last year, registering a growth of 24 percent.

As for overall ownership rights to the bank, they reached KD 237 million after having been at KD 129 million, bringing the Capital Adequacy Ratio to 30.32 percent, where the minimum required by the Central Bank of Kuwait is 12 percent.