Boubyan Bank posts KD 21.9m net profit in first half of 2017 – Result is a continuation of our journey of success: Al-Majed

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KUWAIT CITY, July 11: Boubyan Bank has recorded a net profit growth of 16% in the First half of 2017. The bank’s net profits was KD 21.9 Million, with an earnings per share of 8.51 fils compared to 8.33 fils for the comparative period of 2016.

Adel Abdul Wahab Al-Majed, the Bank’s Vice-Chairman & Chief Executive Officer, stated that such positive results is a continuation to the successful journey which started in 2010 that led to the growth in profitability and market share in various sectors despite the challenges faced by the Kuwaiti Banking Industry whether for Islamic or conventional banks.

Al-Majed added that all of the Bank’s main indicators witnessed a remarkable growth during the first half where the total assets increased to KD 3.7 billion at a growth rate of 10% while the operating income increased to KD 60 million at a growth rate of 17% in addition to the increase in customers’ deposits by 14%, amounting to KD 3.2 billion.

He further added that the total equity of the bank increased to KD 352 million compared to KD 326 million for the comparable period of last year and that there was an increase in the financing portfolio to KD 2.8 billion at a growth rate of 18% 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 7.6% in the meantime, while Boubyan’s share of the retail finance increased specifically to approximately 11%.

Remarkable awards

Al-Majed also stated that since the beginning of the current year the Bank received a number of remarkable awards, the most prominent of which was the “Best Islamic Bank in Kuwait” award from Global Finance for the third year in a row due to the bank’s achievements whether in terms of increasing the profitability rates or increasing its market share.

Al-Majed went on to add: “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 continuing to receive the first place award, for the seventh year in a row atop all Islamic Banks in customer service from Service Hero, the international consumer-driven customer satisfaction index, in addition to being named the Best Private Sector Institution in Customer Service in Kuwait for the 2nd time.”

He further stated: “These kind of awards once more reiterates 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.”

Expansion of branches & technology services

On the other hand, Al-Majed stressed the continuity of the Bank’s plans to expand in the local market by opening new branches which have now reached 39 branches compared to 15 branches only 5 years ago.

He went on to add: “In line with our domestic geographical 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 needs of our clients.” “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 concluded.

Our human resources and serving our society

Al-Majed stated that the bank’s success is attributed to the Grace of Allah and then to the efforts of the bank’s human resources who are the secret behind the success achieved over the past years.

He further explained that the percentage of national manpower exceeded 76% which is one of the highest percentages in the private sector.

Al-Majed also stated that the bank managed to reach out to the various segments of the society through its activities and events, especially during the past Holy Month of Ramadan, which made the bank closer to the society within the framework of its corporate responsibility.

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