Boubyan Bank posts net profits of KD 45m for period ended 30 Sept

Adel Abdul Wahab Al-Majed

KUWAIT: Boubyan Bank has announced net profits of KD 45 million for the period ended 30 September 2019, at a growth rate of 12 percent compared the previous year, with an earnings per share of 15.25 fils compared to 14.20 fils for the same period in 2018.


Adel Abdul Wahab Al-Majed, the Bank’s Vice-Chairman & Chief Executive Officer, commented on such positive results by stating: “Thanks to Allah, the Almighty, the efforts of our staff, and the trust of our customers, we managed to achieve great results during this period despite the increasing challenges which made us determined more than ever to add more achievements.”


He added: “This is a special year as we celebrate the bank’s 15-year anniversary, and as it marks a 10-year milestone since the start of our transformation strategy back in 2009, leading to this level of excellence.”
“Q3 has been the most remarkable quarter of this year owing to the number of awards received by the bank whether for its services, products, or corporate social responsibility in addition to a special award received by the bank in the Human Resources domain,” Al-Majed added.
Boubyan was named the Best Islamic Digital Bank in the Middle East by Global Finance. Additionally, the bank received another four awards, namely, the Best Islamic Digital Bank in Kuwait, the Best Mobile Banking App in Kuwait, the Most Innovative Digital Bank in Kuwait, and the Best Innovation in IMAL Technology.


Furthermore, the Noor Boubyan Initiative for eyesight-restoration operations in Africa was named the Best Social Humanitarian Initiative at the GCC level, and the bank received the GCC’s Award for the “Replacement and Nationalization of Manpower in Kuwait”.


Growth of all indicators
Al-Majed stated that all of the Bank’s main indicators witnessed a remarkable growth until September 2019 where the total assets increased to KD 5 billion at a growth rate of 18 percent while the operating income increased to KD 109 million at a growth rate of 4 percent in addition to the increase in customers’ deposits by 14 percent, to reach KD 4.1 billion.


He further added that the total equity of the bank increased to KD 567 million compared with KD 396 million last year and that there was a notable increase in the financing portfolio to KD 3.6 billion with a growth rate of 14 percent in addition to the continuous growth in the bank’s customers’ base.


Al-Majed stated as well that the market share, in financing, increased to approximately 9 percent in the meantime, while Boubyan Bank’s share of the retail finance increased to approximately 12 percent. Besides, the bank recorded outstanding growth in the corporate credit portfolio which grew by 16 percent. This was achieved by attracting a number of operational companies known for their financial and economic creditworthiness while continuing to maintain the highest standards of credit quality, monitoring and diversifying risks.