Boubyan Bank logs KD 25 mln 9M net profit – EPS clocks 12.2 fils; total assets rise 19% to KD 3 billion

This news has been read 6356 times!

KUWAIT CITY, Oct 13: Boubyan Bank witnessed an increase in its net profit by 24% during the first nine months of the  current year, amounting to KD 25 Million compared to  KD 20 Million of the same period in  2014. The earning per share amounts to 12.2 fils compared with 9.83 fils during the same period last year.

Vice-Chairman & CEO of Boubyan Bank, Adel Abdul-Wahab Al-Majed said: “Q3 indicators make us more confident that the current year will be remarkable for everyone and will be a continuation to the successes achieved by the bank throughout the previous years, especially, from the restructuring journey that started in 2010”.

He added that the achievements once more highlights the bank’s competitive abilities in one of the most significant markets in the region, and confirms the bank’s ability to increase its market shares at all levels.

Al-Majed explained that the bank’s indicators showed a remarkable growth up to the end of the 3rd Quarter of the current year where the total assets increased to KD 3billion, growing by 19%, while the operating income increased to KD 67 million, growing by 15% in addition to the increase in customers’ deposits to reach KD 2.3 billion, growing by 22%.

“Furthermore, the Bank’s total equity increased to KD 307 million compared to KD 287million for the comparative period of the previous year, while the financing portfolio increased to KD 2.1 billion, growing by 21%, in addition to the continuous growth in the Bank’s customers’ base.”, Al-Majed stated.

Al-Majed also stated that the market share, in financing portfolio, increased from 2 percent in 2009 to approximately 6.5 percent currently, while Boubyan Bank’s share of the consumer finance  significantly increased from 1 percent to approximately 10 percent currently. Also, around 16 percent of Kuwaiti adults maintain accounts with the bank.

Al-Majed went on to state that the current year witnessed a continued geographical expansion for the bank in addition to offering more outstanding services and products, some of which were offered for the first time in the Kuwaiti market, making the name of Boubyan Bank a synonym for innovation and creativity in the banking services’ domain where the bank surprises the market with innovative products and services.

He also added that the number of the bank’s branches reached 32 branches by the end of Q3 2015, while targeting 40 branches, as planned, by the first half of the next year.

“The bank managed to establish itself as one of the best institutions in the Kuwaiti private sector in the field of customer service evidenced by its recent accomplishments whereby the bank has received three awards from Service Hero, the international consumer-driven customer satisfaction index. The most prominent of these awards was the 1st Place in Customer Service atop all companies in Kuwait.”, Al-Majed added.

He further stated: “This kind of awards reiterate our bank’s superb competitive abilities, and its ability to provide its customers with the highest levels of services and the best products customers may seek, whether they are existing customers or potential customers targeted in the Kuwaiti market.”

 “Customer service has always been our recipe for success, as we have always taken into account that all our customers are special and that they deserve the best because meeting their aspirations and ambitions should be up to the level of their expectations when they chose us. In other words, by choosing us, customers should be rewarded with special care and attention.”, Al-Majed stated.

On the other hand, Al-Majed stressed that Boubyan Bank continues to invest  in banking technology to stress its leadership in this domain by offering several services which are new to the Kuwaiti market in addition to being the only bank to provide such services so far.

He stated: “The current year witnessed the launch of a number of technological services such as the qualitative leap taken by Boubyan Bank in the market when it was the first to launch Tap & Pay credit cards (MasterCard and Visa) in the state of Kuwait. Such cards are distinguished by the ease of use upon paying at any stores that accept Near Field Communication “NFC” credit cards.

The bank has also launched  the application for “Apple Watch” which is considered the latest addition to the communications family around the globe. This app serves as an extension to Boubyan Bank mobile banking service, allowing the bank’s customers to manage their accounts anytime, anywhere, while maintaining the highest standards of security and information confidentiality.”

Al-Majed went on to add: “The Bank has also launched the virtual credit cards product which provides customers with greater online shopping options in addition to offering the K-Net instant depositing service allowing customers to deposit funds instantly to their accounts from any other account in Kuwait using any card with the K-Net logo. The bank has also developed the “3Saree3 Save” service launched previously by the bank several months ago”.

Al-Majed said that by launching e-banking products and services, Boubyan Bank emphasizes its leadership in this domain in the Kuwaiti market. He added: “In light of the developments witnessed by today’s world, which became a “digital world”, the challenges grow for banks whose only choice is to keep up with such developments.”

Al-Majed further stated : “This is the fruit of a strategy which focused on investing in technological banking services and keeping up with the most recent developments in order to make our customers more comfortable, especially that customer service is the main pillar of our strategy.”

He added: “One of the most significant values of Boubyan Bank is Innovation. Therefore, the bank is keen on reinforcing this value and on reflecting the same in innovative products and services, most of which are offered for the first time in the Kuwaiti market.”

This news has been read 6356 times!