A
y
e niv rsar n
SUNDAY, APRIL 24, 2011
Years
BUSINESS
Boubyan Bank announces KD2.1m net profit for Q1 Profit growth rate of 30% as compared to Q1 2010 KUWAIT: Boubyan Bank announced a net profit of KD 2.1 million for the 1st Q of 2011 compared to a net profit of KD 1.6 million for the 1st Q. of last year at a growth rate of 30%. Chairman of Boubyan Bank, Ibrahim Al-Qadhi, said in a press release yesterday that these results represent the Bank’s operating profits net of general and precautionary provisions totaling KD 6.8 million made to reinforce the Bank’s financial position.
Vice-Chairman and MD Adel Abdul-Wahhab Al-Majed
Chairman of Boubyan Bank Ibrahim Al-Qadhi
Al-Qadhi added that realization of such profits is a continuation of the Bank’s successful march and regaining profitability which started last year indicating that many supporting factors promote this trend; key among which is the Bank’s clear strategy and objectives, expansion through distinguished products and services, professional management team as well as the NBK’s ownership of a major share of its capital. Al-Qadhi noted that among the noticeable favorable indications is the increase of net financing income that reached KD 8.9 million for the 1st Q. of 2011 compared to KD 6.3 million in for the 1st Q. of 2010, i.e. at a growth rate of 41%, in addition to an increase in clients’ deposits, which recorded KD 1,036 million for the 1st Q. of 2011 compared to KD 714 million for the 1st Q. of 2010, i.e. at a growth rate of 45%. Meanwhile, the Vice-Chairman & MD, Adel Abdul-Wahhab Al-Majed mentioned that the Bank’s total assets as at the end of the 1st Q. of 2011 amounted to KD 1,424 million compared to KD 1,132 million as at the end of the 1st Q. of 2010, boosting up by 26%. In addition, he stated that the Bank’s total equity increased to KD 240 million compared to KD 213 million and, hence, the Bank’s Capital Adequacy Ratio boosted to 25.8% against 12%, being the minimum required ratio stipulated by the Central Bank of Kuwait. Al-Majed stressed that the evident growth in all the Bank’s main indicators during the 1st quarter of the present year proves once again its sound directions and the success of its strategic plans for expansion in the Kuwaiti market.
KFH announces 10 new winners Promotion for banking cards users ends KUWAIT: Kuwait Finance House (KFH) conducted its last monthly draw for its campaign concerning KFH’s banking cards (credit-prepaid-ATM). The campaign began in February and ended at the end of March, where it allowed clients to win every month during February and March KD 20,000 in awards after using KFH’s cards in Kuwait and overseas. The winners of the final draw are Hajer Abdul Aziz, Najah Al-Saeedi, Sabeeka Al-Weqayyan, Saad Al-Ajmi, Abdul Razzaq Al-Obaid, Salem AlBarrak, Ali Salem, Hajer Al-Sharqawi, Mohammed Al-Kandari, and Abdul Aziz Al-Ahmad. Deputy Manager of the Banking Cards Department at KFH Salem AlDoweisan stated that the new promotion campaign is another step in KFH’s policy that aims to offer best services and products for its clients, and to encourage them to take advantage of its services and products.
He stressed that the campaign managed to accomplish its objectives, which are boosting commercial business in the local market, and increase sales through tools offered in the campaign, which was positively reflected in KFH’s banking cards’ market share. Moreover, he noted that the campaign gave KFH card holders the opportunity to win KD 40,000 in awards during the past two months through using their banking cards, where each user who used his card through points of sales machines at stores and shops, had the opportunity to be a winner every month during the draw for every KD 50 purchases or its equivalent in other currencies, and then having 10 clients every month win KD 2000. He revealed that KFH will continue offering its clients innovative marketing campaigns, especially during summer.
Salem Al-Doweisan
Sheikha Nouf Salem Al Ali Al-Sabah
Al-Tijari to hold 8th Hobbyist Exhibition KUWAIT: Commercial Bank of Kuwait will organize “AlTijari 8th Hobbyist Exhibition” for CBK staff and their families during the period 28 - 30 April 2011. This move comes to confirm the Bank’s role towards community service and its communication with the different segments of society, particularly CBK staff for supporting their activities and enhancing their various hobbies. On this occasion, Sheikha Nouf Salem Al Ali Al-Sabah - Head of Advertising & Public Relations Dept. said that CBK endeavors constantly to organize this annual Exhibition which realizes more success every year and expressed her happiness for the increasing number of participants in the Exhibition this year. Sheikha Nouf emphasized that the Exhibition provides participants a chance to present their art-based thoughts and experience through a special Exhibition featuring the name of “Al-Tijari Hobbyist Exhibition” which includes a wide variety of popular designs, an assortment of accessories, various household items, artificial jewelry, marvelous paintings and other crafts. Sheikha Nouf added that the organization of this Exhibition and its correlation with Al-Tijari stands as a clear manifestation of the Bank’s efforts to support the diverse hobbies of its staff members. Sheikha Nouf concluded her press statement by stating that the Exhibition is a special occasion where all the Bank staff and their families meet and this in turn boosts the social relationships among all staff members in addition to CBK support to the artistic, cultured and innovative talents of the staff members. It is worthwhile to mention that such event comes within the Bank’s corporate social responsibility towards its employees. The Exhibition will be held at the Dar of His Highness Sheikh Salem Al Ali Al-Sabah located at Qurtuba. The Exhibition will be held for three days and shall receive its visitors on Thursday and Friday on an evening shift from 5:00 pm to 9:30 pm, and on Saturday on two shifts from 9:30 am to 1:00 pm and from 5:00 pm to 9:30 pm.
The sky is the limit for Africa: flydubai CEO KUWAIT: flydubai, one of the world’s fastest growing airlines, further expanded its presence in Africa today by inaugurating its seventh route to the continent. Flight FZ647, scheduled to fly three times a week to Ethiopia’s capital city, Addis Ababa, touched down at Bole International Airport at 19:15 (Ethiopia time) from Dubai’s Terminal 2. Ghaith Al-Ghaith, CEO of flydubai said: “The sky is the limit for Africa - it has emerged into a dynamic global force over the past decade and the increase in the number of our routes is testament to the trade, cultural and political links that exists between the Middle East and Africa. As one of the gateway cities into the rest of the continent, Addis Ababa is representative of the industry, energy and ambition that characterizes the region and we look forward to supporting the African tourism industry and larger economy with our new route.” Addis Ababa is flydubai’s seventh destination
in Africa, with the airline first venturing into the continent in September 2009 with flights to Djibouti. The low-cost carrier has since added Alexandria, Sohag, Luxor, Por t Sudan and Khartoum to its network. With expanding trade and tourism between UAE and Africa, the launch of the new route is part of the carrier’s plan to increase connectivity between the two regions. Ethiopia’s strong trade links to the UAE currently rest on the import-export of agricultural produce and oil, but with the diversification of both economies, more partnerships are expected to come into play, promoting travel between the two nations. A one-way fare to Addis Ababa from Dubai starts at AED 900, including 20kgs of checked baggage, one piece of hand luggage weighing up to 7 kg and one small laptop bag or hand bag. A seat with extra leg room costs AED 100. Flights from Addis Ababa to Dubai start at AED 935. Flights between Dubai and Addis Ababa can
be purchased from flydubai’s website (www.flydubai.com), its call centre (+9714 301 0800) and through travel partners. Seven facts about Addis Ababa to mark flydubai’s seventh African route • Addis Ababa means “New Flower’ in Amharic • In keeping with Dubai’s diversity, the city has as many as 80 nationalities, speaking 80 languages • With a population of around 3.4 million, it is the largest city in Ethiopia • It has the status of both a city and a state • It is the political capital of Africa as it houses the African Union • Sister cities: Beijing (China), San Francisco (USA), Leipzig (Germany), Chuncheon (South Korea) • Celebrated Addis natives: Liya Kebede, Ethiopian supermodel and Haile Gebrselassie, long distance runner
EXCHANGE RATES Commercial Bank of Kuwait US Dollar/KD GB Pound/KD Euro Swiss francs Canadian Dollar Australian DLR Indian rupees Sri Lanka Rupee UAE dirhams Bahraini dinars Jordanian dinar Saudi riyals Omani riyals Philippine peso Egyptian pounds
.2710000 .4475000 .3965000 .3060000 .2875000 .2910000 .0062330 .0020000 .0748350 .7290950 .3840000 .0710000 .7147450 .0045000 .0440000
.2810000 .4570000 .40440000 .3150000 .2960000 .2970000 .0063530 .0035000 .0755870 .7364220 .4040000 .0780000 .7219290 .0072000 .0550000
US Dollar/KD GB Pound/KD Euro Swiss francs Canadian dollars Danish Kroner Swedish Kroner Australian dlr Hong Kong dlr Singapore dlr Japanese yen Indian Rs/KD Sri Lanka rupee Pakistan rupee Bangladesh taka UAE dirhams Bahraini dinars Jordanian dinar Saudi Riyal/KD Omani riyals Philippine Peso
CUSTOMER TRANSFER RATES .2756500 .4498190 .3986310 .3083330 .2896400 .0534550 .0447920 .2934160 .0354410 .2222980 .0033280 .0000000 .0000000 .0000000 .0000000 .0750780 .7313610 .0000000 .0735260 .7161600 .0000000
.2777500 .4532460 .4016680 .3106820 .2918460 .0538620 .0451330 .2956510 .0357110 .2239920 .0033530 .0062770 .0025250 .0033100 .0038850 .0756500 .7369330 .3928570 .0740860 .7216160 .0064590
Al-Muzaini Exchange Co. ASIAN COUNTRIES Japanese Yen Indian Rupees Pakistani Rupees Srilankan Rupees Nepali Rupees Singapore Dollar Hongkong Dollar Bangladesh Taka
3.439 6.234 3.273 2.505 3.907 224.180 35.567 3.896
Philippine Peso Thai Baht Irani Riyal - Transfer Irani Riyal - Cash
6.391 9.234 0.271 0.273
Indonesia Iranian tuman Iraqi dinar Japanese yen Jordanian dinar Lebanese pound Malaysian ringgit Morocco dirham Nepalese Rupees New Zealand dollar Nigeria Norwegian krone Omani Riyal Pakistani rupees Philippine peso Qatari riyal Saudi riyal Singapore dollar South Africa Sri Lankan rupees Sterling pound Swedish krona Swiss franc Syrian pound Thai bhat Tunisian dollar UAE dirham U.S. dollars Yemeni Riyal
GCC COUNTRIES 73.704 75.948 717.940 733.960 75.250
Saudi Riyal Qatari Riyal Omani Riyal Bahraini Dinar UAE Dirham Egyptian Pound - Cash Egyptian Pound - Transfer Yemen Riyal Tunisian Dinar Jordanian Dinar Lebanese Lira Syrian Lier Morocco Dirham
ARAB COUNTRIES 48.000 46.406 1.265 204.140 390.340 183.300 5.967 36.070
EUROPEAN & AMERICAN COUNTRIES US Dollar Transfer 276.300 Euro 406.440 Sterling Pound 460.370 Canadian dollar 294.090 Turkish lire 182.140 Swiss Franc 317.400 Australian dollar 296.690 US Dollar Buying 275.100
GOLD 10 Tola
GOLD 20 Gram 10 Gram 5 Gram
278.000 140.000 72.000
SELL CASH 300.000 734.440 3.990 293.300 542.400 14.100 54.900 167.800 47.190 406.000 36.220 6.510
1,558.360
Sterling Pound US Dollar
SELL DRAFT 298.500 734.440 3.790 291.800
225.100 46.456 404.500 36.070 6.235
Rate for Transfer US Dollar Canadian Dollar Sterling Pound Euro Swiss Frank Bahrain Dinar UAE Dirhams Qatari Riyals Saudi Riyals Jordanian Dinar Egyptian Pound Sri Lankan Rupees Indian Rupees
0.032
390.320 0.186 93.870 3.910 223.600
Pakistani Rupees Bangladesh Taka Philippines Pesso Cyprus pound Japanese Yen Thai Bhat Syrian Pound Nepalese Rupees Malaysian Ringgit
Selling Rate 276.800 292.345 453.255 400.600 308.720 732.607 75.339 76.008 73.783 391.007 46.496 2.506 6.239
3.283 3.806 6.397 678.972 3.437 9.341 6.038 3.943 91.033
Kuwait Bahrain Intl Exchange Co. 717.120 3.290 6.410 75.970 73.730 225.110 43.630 2.502 458.500 314.100 5.900 9.430 75.250 276.100
Currency
Rate per 1000 (Tran)
US Dollar Pak Rupees Indian Rupees Sri Lankan Rupees Bangladesh Taka Philippines Peso UAE Dirhams Saudi Riyals Bahraini Dinars Egyptian Pounds Pound Sterling Indonesian Rupiah Nepali rupee Yemeni Riyal Jordanian Dinars Syrian Pounds Euro Canadian Dollars
TRAVELLER’S CHEQUE 458.500 276.100
Dollarco Exchange Co. Ltd
Bahrain Exchange Company COUNTRY Australian dollar Bahraini dinar Bangladeshi taka Canadian dollar Cyprus pound Czek koruna Danish krone Deutsche Mark Egyptian pound Euro Cash Hongkong dollar Indian rupees
0.033 0.247 0.243 3.470 391.790 0.187 93.870 47.800 4.330 225.100 1.872 52.800 717.300 3.360 6.600 76.400 73.730 225.110 43.630 2.687 460.500 45.600 315.600 5.900 9.570 198.263 75.350 276.500 1.230
276.800 3.290 6.250 2.530 3.810 6.440 75.465 74.020 735.900 46.520 458.900 0.00003280 3.910 1.550 393.300 5.750 404.000 296.000
Al Mulla Exchange Currency US Dollar Euro Pound Sterling Canadian Dollar Japanese Yen Indian Rupee Egyptian Pound Sri Lankan Rupee Bangladesh Taka Philippines Peso Pakistan Rupee Bahraini Dinar UAE Dirham Saudi Riyal
Transfer Rate (Per 1000) 276.550 400.800 453.800 289.700 3.375 6.245 46.530 2.504 3.793 6.390 3.285 736.500 75.400 73.900
*Rates are subject to change