Boubyan Bank posts KD 29.7m in net prof­its un­til Sept 2016

Kuwait Times - - BUSINESS -

Boubyan Bank has recorded a profit growth un­til Septem­ber 2016, at a growth rate of 18 per­cent. The bank’s net prof­its amount to KD 29.7 mil­lion com­pared with KD 25.2 mil­lion for the com­par­a­tive pe­riod of 2015, while the earn­ing per share amounts to 13.68 fils com­pared with 11.62 fils for the com­par­a­tive pe­riod of 2015.

Adel Ab­dul Wa­hab Al-Ma­jed, the Bank’s Vice Chair­man and CEO, said: “First, we would like to thank all our cus­tomers and share­hold­ers for the great faith in us through­out the past pe­riod which was one of the suc­cess fac­tors in ad­di­tion to the ef­forts made by our hu­man re­sources whom we con­sider to be the se­cret be­hind our suc­cess.”

He added that this level of no­tice­able growth in all the bank’s in­di­ca­tors, es­pe­cially the prof­itabil­ity and growth, was achieved de­spite the chal­leng­ing op­er­a­tional en­vi­ron­ment and the high com­pe­ti­tion in the Kuwaiti mar­ket which brings more chal­lenges to main­tain our achieved suc­cess lev­els.

Al-Ma­jed also noted that the an­nounce­ment of these prof­its co­in­cided Moody’s re­cent an­nounce­ment of the re­vised credit rating for the Bank which up­graded Boubyan Bank’s out­look from sta­ble to pos­i­tive while af­firm­ing other rat­ings for the Bank.

Al-Ma­jed added: “The Bank’s key in­di­ca­tors show a con­sid­er­able growth un­til the end of Q3 2016 where the to­tal as­sets in­creased to KD 3.5 bil­lion with a growth rate of 17 per­cent while the op­er­a­tional rev­enues in­creased to hit KD 76.3 mil­lion with a growth rate of 14 per­cent in ad­di­tion to the in­crease in cus­tomers’ de­posits by 22 per­cent, amount­ing to KD 2.9 bil­lion. He fur­ther added that the to­tal eq­uity of the bank in­creased to KD 337 mil­lion com­pared with KD 307 mil­lion last year and that there was a no­table in­crease in the fi­nanc­ing port­fo­lio up to KD 2.4 bil­lion with a growth rate of 16 per­cent in ad­di­tion to the con­tin­u­ous growth of the bank’s cus­tomer base.

Al-Ma­jed also stated that the mar­ket share, in fi­nanc­ing, in­creased gen­er­ally to ap­prox­i­mately 7 per­cent in the mean­time, while Boubyan Bank’s share of the re­tail finance in­creased specif­i­cally to ap­prox­i­mately 10 per­cent.

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 36 branches com­pared with 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 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.”

Al-Ma­jed also stated that the Bank re­ceived the Best Is­lamic Bank in Kuwait Award from Global Finance in the field of dig­i­tal banking ser­vices for the sec­ond year in a row. He also said that win­ning this award was a con­ti­nu­ity to re­ceiv­ing many other awards such as the Best Is­lamic Bank in Kuwait Award from Global Finance in light of the Bank’s achieve­ments in 2015 such as the in­crease in prof­itabil­ity and mar­ket share.

“Re­ceiv­ing this award for the sec­ond time reiterates our suc­cess in achiev­ing our tar­gets, and stresses the way our Is­lamic Bank stands out as a dis­tinc­tive bank pro­vid­ing Is­lamic ser­vices and prod­ucts that keep pace with so­ci­ety’s de­vel­op­ments, es­pe­cially tech­nol­ogy de­vel­op­ments.”, Al-Ma­jed added.

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 sixth year in a row atop all Is­lamic Banks in cus­tomer ser­vice from Ser­vice Hero, the in­ter­na­tional con­sumer-driven cus­tomer sat­is­fac­tion in­dex. The Bank has also re­ceived the 2nd Place in Cus­tomer Ser­vice atop all com­pa­nies in Kuwait.”

He fur­ther stated: “This 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.”

“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.

Adel Ab­dul Wa­hab Al-Ma­jed.

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