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Boubyan Bank posts loss in Q2

Kuwait City, August 5, 2009

Kuwaiti Islamic lender Boubyan Bank posted a net loss of 76,599 dinars ($267,100) in the second quarter, compared with a net profit of 8.61 million dinars a year earlier, it said.

Net loss in the first half to June 30 came in at 11.78 million dinars, compared with net profit of 13.68 million dinars in the same period last year, the bank said in a statement on the Kuwaiti bourse website.

The lender did not give a reason for the loss.

On Tuesday, Boubyan said it has appointed Adel Al-Majed, who comes from the National Bank of Kuwait, as its new chief executive.

Last month, NBK, the country's biggest bank by market value, bought a 13.2 percent stake in Boubyan for 84.7 million dinars in an auction, becoming the largest shareholder in the Islamic lender.

Kuwait Investment Authority (KIA), the country's sovereign wealth fund, sold its 19.8 percent stake in Boubyan in an auction in which Securities Group Co also competed and bought the remaining 6.6 percent stake. - Reuters




Tags: Kuwait | Boubyan Bank |

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