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Boubyan Bank announces KD16m H1 profits

Adel Abdul-Wahab Al-Majed

Adel Abdul-Wahab Al-Majed

KUWAIT: Boubyan Bank’s profits witnessed an increase in the first half of the current year, amounting to KD 16 million compared with KD 12.6 million in the first half of 2014, increasing by 28 percent, while the earning per share amount to 7.78 fils compared with 6.1 fils for the first half of the past year. Vice-Chairman & CEO of Boubyan Bank, Adel Abdul-Wahab Al-Majed said: “The achievements of the bank in the first half of 2015 is but a continuation of the bank’s success story which started in 2010 where Boubyan Bank managed to establish itself as a competitive player in one of the most significant markets in the region and succeeded in increasing its market share at all levels”. Majed stated that the remarkable profits of the first half were considered a new starting point towards the implementation of the 2020 strategy of the bank. He added: “We are optimistic that the future is still pregnant with many opportunities for Islamic banks and Islamic financial institutions, whether in Kuwait or the region, in light of all the indicators which confirm the increased demand for Islamic financial and banking services and products, which are now witnessing a great demand. The new 2020 strategy revolve around continuing the focus on and the growth in the Kuwaiti market, while keeping the door open to seizing any opportunity, if any, to expand abroad. There are no specifically targeted markets per se at the meantime, however, we are looking at the GCC markets, Egypt and Turkey as the most suitable markets for the Bank’s targets.”

Positive Indicators
Majed explained that the bank’s indicators showed a remarkable growth during the first half of the current year where the total assets increased to KD 2.9 billion, growing by 19 percent, while the operating income increased to KD 43.8 million, growing by 12 percent in addition to the increase in customers’ deposits to reach KD 2.3 billion, growing by 25 percent. “Furthermore, the Bank’s total equity increased to KD 301 million compared with KD 279 million for the comparative period of the past year, while the financing portfolio increased to KD 2 billion, growing by 21 percent, in addition to the continuous rise in the Bank’s customer base.”, Al-Majed stated. Al- Majed also stated that the market share, in financing portfolio, increased generally from 2 percent in 2009 to approximately 6.26 percent currently, while Boubyan Bank’s share of the consumer finance specifically increased from 1 percent to approximately 9.02 percent currently. Also, 9.4 percent of Kuwaiti adults maintain accounts with the bank.

32 Branches and Special Products
Majed went on to state that the first half of the current year witnessed a 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 the first half of 2015, and expected to open 4-5 branches before the end of the current year, while targeting 40 branches by the first half of the next year.

On the other hand, Majed pointed to the great achievement made by the bank during the 1st half of the current year when Boubyan Bank was awarded “the Best Islamic Bank in Kuwait” award by Global Finance, which was a great award to add to the bank’s achievements. “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 1stPlace in Customer Service atop all companies in Kuwait”, 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 customerstargeted 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.”, Majed added.

A Young Bank, Caring for the Young
Majed stressed again and again that the bank had reinforced its image as a young bank keeping up with the international and regional developments via its young Kuwaiti management. Furthermore, he stated that Boubyan Bank succeeded, specifically over the past two years, in creating many vacancies for ambitious Kuwaiti youths as a result of expanding the bank’s services provided to retail customers by opening more branches and expanding the services and products provided by the bank. Majed also referred to the increase in the Kuwaitization rate at the bank which reached 74 percent, saying that Boubyan Bank earned the award for Replacement and Kuwaitization of Manpower in Kuwait. The bank received that award during the 13thAward Ceremony for Distinguished Private Sector Entities in the Field of Kuwaitization of Jobs in 2014.

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This article was published on 12/07/2015