KUWAIT CITY: Boubyan Bank’s records profits of KD 7.4 million in Q1 2015, an increase of 30%, compared to KD 5.7 million in Q1 2014, with an earnings per share of 3.58 fils, compared with 2.76 fils for the same quarter last year.
Adel Abdul Wahab Al-Majed, Vice-Chairman& Chief Executive Officer, mentioned that the positive start in 2015 make us feel more optimistic that we would continue to witness in 2015 the achievements that we had made in previous years, that made us one of the prominent banks in Kuwait.
Al-Majed emphasized that the results for Q1 has been outstanding, especially that it marked the implementation of Boubyan Bank’s new strategy named “Boubyan 2020”. He added: “We are optimistic that there are many opportunities for Islamic banks and Islamic financial institutions, whether in Kuwait or the region, as all indicators confirm that there is increased demand for Islamic financial and banking services and products.”
He went on to add: “The new strategy continuesto focus and grow in the Kuwaiti market, while keeping the options open to seize international opportunities, if any. Currently, we have not identified anytarget markets; however, we believe that GCC markets, Egypt and Turkey are some of the most suitable markets for the Bank.”
Al-Majed also added that the current year witnesseda successful start after the Bank had established itself as one of the best institutions in the Kuwaiti private sector in the field of customer service which was evidenced by the three awards that we received from Service Hero, the international consumer-driven customer satisfaction index. The most prominent of these awards was the 1st Place in Customer Service amongst allinstitutions in Kuwait.
He further added: “These awards reiterate our bank’s competence and its ability to provide its customers with the highest levels of services and the best products that they seek, whether being existing or potential customersin 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 added.
He further stated that all through the past five years, Boubyan Bank had been keen to take the lead in launching unique and new services and products in the Kuwaiti market under the slogan “Towards Perfection”. During this period the phrase “for the first time in Kuwait” was associated with Boubyan Bank based on the volume of services and products offered by the bank for the first time.
Positive Indicators
Al-Majed further added: “The indicators show that the Bank has witnessed a remarkable growth during Q1 2015 as the total assets increased to KD 2.8 billion, growing by 19% compared to Q1 2014, the operating income increased to KD 21 million, growing by 17% compared to Q1 2014, in addition to the increase in customers’ deposits to KD 2.3 billion, growing by 31%.”
“In addition, the Bank’s total equity increased to KD 294 million compared with KD 272 million for the comparative period of last year, while the financing portfolio increased to KD 1.9 billion, growing by 21% compared to Q1 2014, in addition to the continuous growth in the Bank’s customer base.”, Al-Majed stated.
Al-Majed also stated that the market share, in financing portfolio, increased from 2% in 2009 to approximately 6% currently, while Boubyan Bank’s share of the consumer finance significantly increased from 1% to approximately 9% currently. Also, 14% of Kuwaiti adults maintain accounts with the bank.
Al-Majed stressed again that the bank had reinforced its image as a young bank keeping up with the international and regional developments via its young Kuwaiti management.
Al-Majed also emphasized that compared with other banks and many other companies, the average age of the bank’s employees was low and many of them had made great strides towards leading positions in the bank encouraged by the belief of the bank’s management in trusting the youths with more distinguished and leading roles, especially that all training and academic facilities and capabilities were available to provide them with an unique chance to gain professional and practical expertise that would boost their experiences despite their young age.
Furthermore, he stated that Boubyan Bank succeeded, specifically over the past two years, in creating many vacancies for ambitious Kuwaiti youths as a result of expanding the bank’s services provided to retail customers by opening more branches and expanding the services and products provided by the bank.
Al-Majed also referred to the increase in the Kuwaitization rate at the bank which reached 72%, saying that Boubyan Bank earned the award for Replacement and Kuwaitization of Manpower in Kuwait during the 13th Award Ceremony for Distinguished Private Sector Entities in the Field of Kuwaitization of Jobs in 2014.
