Boubyan Bank records net profits of KD 25.7 million during H1 2018

October 11, 2018

Bank’s performance indicators witness remarkable growth: Al-Majed

KUWAIT: Boubyan Bank has reported net profits of KD 25.7 million for the first half of 2018, a growth rate of 18 percent compared with the comparative period last year, with an earnings per share of 9.72 fils compared to 8.09 fils for the comparative period of 2017.

Adel Abdul Wahab Al-Majed, the Bank’s Vice-Chairman & Chief Executive Officer, commented on such positive results by stating: “Boubyan’s journey of success which started 9 years ago continues to achieve positive results by acquiring market shares in various segments, both in retail or corporate services”. “This reflects the level of trust in the bank by various stakeholders whether shareholders or clients and this positively influences the growth of all the financial indicators of the bank”, he added.

Positive growth
Al-Majed stated that all of the Bank’s main performance indicators witnessed a remarkable growth during the first half of the year where the total assets increased to KD 4.2 billion at a growth rate of 12 percent while the operating income increased to reach KD 71 million at a growth rate of 18 percent in addition to the increase in customers’ deposits by 12 percent, amounting to KD 3.5 billion.

He further added that the total equity of the bank increased to KD 378 million compared with KD 352 million last year and that there was a notable increase in the financing portfolio to KD 3.1 billion with a growth rate of 13 percent in addition to the continuous growth of the bank’s customers’ base.

Al-Majed stated as well that the market share, in financing, increased to approximately 8.3 percent with an increase in the market share of the retail finance to approximately 11 percent. Besides this, the bank recorded a remarkable growth in the corporate credit portfolio at 11 percent compared to last year. This was achieved by building relationship with a number of companies known for their financial position and creditworthiness while continuing to maintain the highest standards of credit quality, monitoring and diversifying risks.

Customer Service

On the other hand, Al-Majed stressed that the bank would continue opening new branches after reaching 42 branches, and he stated: “In line with our domestic geographic expansion to be closer to our clients, we are continuing our investment in e-services and e-banking products which placed us ahead of other local banks. We are doing that in order to cater for the various needs of our clients.”

He went on to add: “Boubyan will continue providing the highest levels of service to its client emanating from its slogan “Towards Perfection” which has been reflected in all the services and products of the bank, aiming to make the life of our customers easier and to make all the aspects of their daily life more convenient.”

In this context, Al-Majed stressed that Boubyan Bank continued being at the top of the pyramid for customer service in Kuwait, supported by receiving two awards from Service Hero – the international consumer-driven customer satisfaction index, namely, the First Place Award in Customer Service as a Country Winner atop all economic sectors in Kuwait, for the third time, in addition to being named the 2017 Best Islamic Bank in Customer Service for the eighth year in a row since 2010.

Al-Majed added: “The confidence of our customers was well-placed, and this was fruitful as it resulted in these two special awards in Kuwait”. He further stressed that the bank would continue at that remarkable level of customer service.

CSR and Human Resources

Al-Majed stated that the first half of this year marked a number of activities and events organized by the bank as a part of its corporate social responsibility to support the youth as well as many other segments of the society, while highlighting that the past Holy Month of Ramadan witnessed a number of outstanding activities and events held by Boubyan Bank.
“Boubyan Bank gives a special attention to its human resources as a part of the bank’s approach being a developed and modern bank keeping up with international and regional changes through its young management, and the Consumer Banking Group, which comprises mostly of youths, testifies to this. The bank is known for placing the youth in leading roles, and this has further helped Boubyan Bank earn the award for the “Replacement and Nationalization of Manpower in Kuwait”. The award is given on an annual basis by the Council for the Ministers of Labor for the best GCC institution,” Al-Majed concluded.