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