Boubyan Bank records KD 21.9m in net prof­its

Kuwait Times - - BUSINESS -

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. Mr Adel Ab­dul Wa­hab AlMa­jed, the Bank’s ViceChair­man & 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.

Mr Al-Ma­jed added that all of the Bank’s main in­di­ca­tors wit­nessed a re­mark­able growth dur­ing the firsthalf 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 toKD 326 mil­lion for the com­pa­ra­ble pe­riod of last year and that there was an in­crease in the fi­nanc­ing port­fo­lio to KD 2.8 bil­lion ata 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%.

Mr 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.

Mr 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.

Hu­man Re­sources and Serv­ing the 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.

Mr Adel Ab­dul Wa­hab Al-Ma­jed

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.