15% growth in profits until September 2017
Success of strategy and expansion plan in local market
KUWAIT: Boubyan Bank has recorded a net profit growth until the end of Q3 2017, at a growth rate of 15 percent. The bank’s net profits amount to KD 34 million, while the earning per share amounts to 13.9 fils compared with 13 fils for the comparative period of 2016.
Adel Abdul Wahab Al-Majed, the Bank’s Vice-Chairman & Chief Executive Officer, stated: “By the end of Q3 and while approaching the end of another year of our journey, we can say that we are pleased and fully satisfied with our achievements for the past period of 2017 despite the various challenges we faced whether in terms of competition or the economic and geopolitical challenges experienced by the region”.
“We said it before, and still reiterate, that our successes over the past years are attributed, after the Grace of Allah, to the confidence of clients in our products and services, and how they are assured day after day of our ability to provide them with outstanding service, coupled with the confidence of shareholders in us and the distinction of our human resources whose majority is formed by national manpower”, he added.
Al-Majed added that all of the bank’s main indicators witnessed a remarkable growth until the end of the past quarter where the total assets increased to KD 3.8 billion at a growth rate of 10 percent while the finance portfolio increased to KD 2.8 billion at a growth rate of 17 percent and the operational revenues increased to hit KD 91.5 million at a growth rate of 20 percent.
He further added that the total equity of the bank increased to KD 364 million compared with KD 337 million for the last year and that there was an increase in customers’ deposit up to KD 3.3 billion with a 15 percent growth in addition to the continuous growth of the bank’s customers’ base.
Al-Majed stated as well that the market share, in financing, increased generally to approximately 7.7 percent in the meantime, while Boubyan’s share of the retail finance increased specifically to approximately 11 percent.
Al-Majed also stated that the beginning of the current year has also witnessed the continuity of the Bank’s receipt of a number of remarkable prizes, 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.
He further added: “The Bank further received the Best Digital bank Award in Kuwait from Global Finance as well for the third year in a row, which stresses that the bank invested in the right direction by making more investments in digital banking channels”.
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: “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.”
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 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 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.”
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 percent which is considered one of the highest percentages in the private sector in general.