Boubyan Bank re­ports net profit of KD 40.3 mil­lion for 9M 2018

Al-Ma­jed: Bank achieved tar­gets by ac­quir­ing mar­ket shares at var­i­ous sec­tors

Kuwait Times - - Business - Adel Ab­dul Wa­hab Al-Ma­jed

KUWAIT: Boubyan Bank an­nounced net prof­its of KD 40.3 mil­lion for 9M 2018, at a growth rate of 18 per­cent over the com­pa­ra­ble pe­riod of last year, with an earn­ings per share of 15.83 fils com­pared to 13.21 fils for the same pe­riod of 2017.

Adel Ab­dul Wa­hab Al-Ma­jed, the Bank’s Vice-Chair­man & Chief Ex­ec­u­tive Of­fi­cer, com­mented on such pos­i­tive re­sults by stat­ing: “As we are ap­proach­ing the end of this year, we feel quite sat­is­fied with our pos­i­tive re­sults over the past nine months, which meet the ex­pec­ta­tions of our share­holder.”

“De­spite the chal­lenges of com­pe­ti­tion, we man­aged, thanks to Al­lah Almighty, and thanks to our hu­man re­sources, to achieve our tar­gets by ac­quir­ing mar­ket shares in var­i­ous sec­tors whether in re­tail or cor­po­rate bank­ing ser­vices.”, he added.

Al-Ma­jed stressed that this showed the trust the bank en­joyed on dif­fer­ent lev­els, whether among share­hold­ers or cus­tomers, and that this re­flected pos­i­tively on all the bank’s fi­nan­cial in­dexes.

Pos­i­tive Growth of Key In­di­ca­tors Al-Ma­jed stated that all of the Bank’s main in­di­ca­tors wit­nessed a re­mark­able growth un­til the end of Septem­ber 2018 where the to­tal as­sets in­creased to KD 4.3 bil­lion at a growth rate of 11 per­cent while the op­er­a­tional rev­enues in­creased to KD 105 mil­lion at a growth rate of 15 per­cent in ad­di­tion to the in­crease in cus­tomers’ de­posits by 9 per­cent, amount­ing to KD 3.6 bil­lion.

He fur­ther added that the to­tal eq­uity of the bank in­creased to KD 396 mil­lion dur­ing 9M 2018, com­pared with KD 364 mil­lion for the com­par­a­tive pe­riod of last year and that there was a no­table in­crease in the fi­nanc­ing port­fo­lio to KD 3.2 bil­lion with a growth rate of 12 per­cent 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 8.4 per­cent in the mean­time, while Boubyan Bank’s share of the re­tail fi­nance in­creased specif­i­cally to ap­prox­i­mately 11.2 per­cent. Be­sides, the bank recorded out­stand­ing growth rates in the cor­po­rate credit port­fo­lio which stood at 12 per­cent. This was achieved by build­ing re­la­tion­ship with 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.

The best in tech­nol­ogy

On the other hand, Al Ma­jed stressed that the bank would con­tinue open­ing new branches af­ter reach­ing 43 branches, and he stated: “In line with our do­mes­tic geo­graphic 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 var­i­ous needs of our clients.

Boubyan Bank re­it­er­ated its ex­cel­lence and its ahead-of-the-curve po­si­tion in dig­i­tal bank­ing in Kuwait and the Mid­dle East by re­ceiv­ing 3 awards re­cently from Global Fi­nance. The Bank was named the Best Is­lamic Dig­i­tal Bank in the Mid­dle East, the Best Is­lamic Dig­i­tal Bank in Kuwait and the Best In­no­va­tive Dig­i­tal Bank.

Al-Ma­jed added: “Such a recog­ni­tion from a glob­ally renowned in­sti­tu­tion known for its trans­parency and fair­ness stressed that the bank’s ef­forts started years ago are bear­ing fruits through the re­cent de­vel­op­ments wit­nessed by the Kuwaiti mar­ket which is strongly driven to­wards in­vest­ment in dig­i­tal bank­ing so­lu­tions.”

Lead­er­ship in Cre­ativ­ity

and In­no­va­tion Al-Ma­jed went on to add that this year wit­nessed the in­tro­duc­tion of many ser­vices and prod­ucts which were first in­tro­duced to the Kuwaiti mar­ket by Boubyan Bank, and that kept Boubyan in its lead­er­ship po­si­tion in an at­tempt to dis­tin­guish its clients and pro­vide them with a unique bank­ing ex­pe­ri­ence.

“One of these ser­vices is “Msa3ed” which al­lows clients to per­form trans­ac­tions round the clock on their ac­counts in ad­di­tion to the Dig­i­tal Murabaha Ser­vice which helps com­plete fi­nance ap­pli­ca­tion pro­ce­dures through smart phones and on­line bank­ing,” he added.

Al-Ma­jed also stated: “For the first time in Kuwait, Boubyan Bank clients can now ap­ply for a credit card at any time through on­line bank­ing by us­ing their PACI-ver­i­fied dig­i­tal sig­na­ture.”

He also spoke of the co­op­er­a­tion with the govern­ment sec­tor where the bank signed a Mu­tual Co­op­er­a­tion Pro­to­col with Kuwait Credit Bank to ac­ti­vate and of­fer a group of dig­i­tal ser­vices which would fa­cil­i­tate bank­ing trans­ac­tions for the clients of Kuwait Credit Bank.

“This year, we have launched a busi­ness bank­ing unit for SMEs to give en­trepreneurs ac­cess to spe­cially de­signed ser­vices and prod­ucts to help them and their projects grow.”, he added.

Al-Ma­jed went on to add: “Boubyan will con­tinue pro­vid­ing the high­est lev­els of ser­vice to its client em­a­nat­ing from its slo­gan “To­wards Per­fec­tion” which has been re­flected in all the ser­vices and prod­ucts of the bank, aim­ing to make the life of our cus­tomers eas­ier and to make all the as­pects of their daily life more con­ve­nient.”

In this con­text, he stressed that Boubyan Bank con­tin­ued be­ing at the top of the pyra­mid for cus­tomer ser­vice in Kuwait, sup­ported by re­ceiv­ing two awards from Ser­vice Hero, the in­ter­na­tional con­sumer-driven cus­tomer sat­is­fac­tion in­dex, namely, the First Place Award in Cus­tomer Ser­vice as a Coun­try Win­ner atop all eco­nomic sec­tors in Kuwait, for the third time, in ad­di­tion to be­ing named the 2017 Best Is­lamic Bank in Cus­tomer Ser­vice for the eighth year in a row since 2010.

Al-Ma­jed added: “The con­fi­dence of our cus­tomers has al­ways been well-placed, and this was fruit­ful as it re­sulted in these two spe­cial awards in Kuwait”. He fur­ther stressed that the bank would con­tinue at that re­mark­able level of cus­tomer ser­vice.

CSR and HR Al-Ma­jed stated that the first nine months of this year marked a num­ber of ac­tiv­i­ties and events or­ga­nized by the bank as a part of its cor­po­rate so­cial re­spon­si­bil­ity to sup­port the youth as well as many other seg­ments of the so­ci­ety, while adding that the last quar­ter of this year should wit­ness more ini­tia­tives to be launched by the bank in sup­port of health ac­tiv­i­ties and events in co­op­er­a­tion with health or­ga­ni­za­tions and in­sti­tu­tions in the state of Kuwait.

“Boubyan Bank gives a spe­cial at­ten­tion to its hu­man re­sources as a part of the bank’s ap­proach be­ing a devel­oped and mod­ern bank keep­ing up with in­ter­na­tional and re­gional changes through its young man­age­ment, and the Con­sumer Bank­ing Group, which com­prises mostly of youths, tes­ti­fies to this. The bank is known for plac­ing the youth in lead­ing roles, and this has fur­ther helped Boubyan Bank earn the award for the “Re­place­ment and Na­tion­al­iza­tion of Man­power in Kuwait”. The award is given on an an­nual ba­sis by the Coun­cil for the Min­is­ters of La­bor for the best GCC in­sti­tu­tion,” Al-Ma­jed con­cluded.

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