Al-Majed: This year marks 10-year milestone since the start of our journey of success
KUWAIT: Boubyan Bank has announced a net profit of KD 29 million for the first half of 2019, at a growth rate of 12 percent compared with the same period of the previous year, with an earnings per share of 9.55 fils compared with 8.72 fils for the comparative period of the previous year.
Adel Abdul Wahab Al-Majed, the Bank's Vice-Chairman and Chief Executive Officer, commented on such positive results by stating: "Thanks to Allah, the Almighty, the efforts of our staff, and the trust of our customers, we managed to achieve great results in the first half of the year. These are positive indicators showing that this year will be another successful year despite the increasing challenges in Kuwait and the region."
He added: "This is a special year as we celebrate the bank's 15-year anniversary, and as it marks the 10-year milestone since the start of our transformation strategy back in 2009, leading to this level of excellence."
Al-Majed stated that all of the bank's main indicators witnessed a remarkable growth for the first half of the year where the total assets increased to KD 4.8 billion at a growth rate of 15 percent while the operating income increased to KD 74 million at a growth rate of 5 percent in addition to the increase in customers' deposits by 12 percent, amounting to KD 4.0 billion. He further added that the total equity of the bank increased to KD 549 million compared with KD 378 million last year and that there was a notable increase in the financing portfolio to KD 3.5 billion at a growth rate of 13 percent in addition to the continuous growth of the bank's customers' base.
In May 2019, the capital increase of KD 132 million was successfully completed via a rights issue which is expected to strengthen our capital to support growth.
Al-Majed stated as well that the market share, in financing, increased generally to approximately 8.7 percent in the meantime, while Boubyan Bank's share of the retail finance increased to approximately 11.3 percent. Besides, the bank recorded outstanding growth rates in the corporate credit portfolio at 15 percent. This was achieved by attracting a number of operational companies known for their financial and economic creditworthiness while continuing to maintain the highest standards of credit quality, studying and diversifying risks.
The best in Kuwait
Al-Majed added: "The bank continues its local achievements and has followed the journey it started many years ago, the latest achievement being named the Best Islamic Bank in Kuwait by the Banker, the renowned international financial publication, for the second year in a row due to the growth witnessed by the various indicators of the bank as well as the growth in market shares."
"The bank takes pride in its record of awards and recognitions, especially the ones received in the recent years, where we have been recognized by regional and global institutions which are renowned for their fairness and the credibility of their choices that are based on numbers, financial results, and market achievements", he added.
Al-Majed went on to add: "Such global recognitions put more responsibilities on the management to commit to the remarkable service levels we provide to our customers. We believe that creativity and innovation are the way to continue in our path of success."
Furthermore, Boubyan Bank has continued to top the pyramid of customer service in Kuwait, supported by earning two awards from Service Hero, the international consumer-driven customer satisfaction index. The bank received the First Place Award in Customer Service as a Country Winner, for the fourth time in addition to being named the Best Islamic Bank in Customer Service for the ninth year in a row since 2010.
Al-Majed stated: "The confidence of our customers was well-placed, and this was fruitful as it contributed to earning those two special awards in Kuwait. The bank will surely continue at that remarkable level of customer service."
Al-Majed went on to explain: "Customer service is an integral part of the bank's culture. It is no secret that almost all competitors offer similar products and services, however, the excellence and outperformance come through service and the way of dealing with customers, especially in Kuwait where customers have high expectations."
He went on to add: "Upon reviewing our products and services, one can see that aside from contributing to our profitability, they also most importantly constitute a part of our social responsibility. This is because we contribute to emphasize the concepts of innovation and creativity in the first place besides minimizing the effort and time dedicated to obtaining the service or the product, thus, saving our customers the time which they may spend in doing more valuable activities such as family activities."
Boubyan lifestyle campaign
Al-Majed also stated that the first half of this year witnessed the bank's launch of the "Boubyan Lifestyle" new campaign which conforms to the bank's clear vision and long-term strategy to reinforce its status as a major influencer in the banking sector that supports the values of transparency, innovation and customer service excellence.
He added: "The campaign focuses on what distinguishes Boubyan Bank and makes it stand out from other banks such as the work methodology which is focused on customers, service quality and interaction with the needs of the society while fostering a culture marked by constant and strong commitment to and leadership in customer service. This is added to being customer focused, and providing customers with a complete package of products and services."
"We also stand out by our never-ending passion for innovation while adopting a realistic approach towards customers' needs, giving due attention to their expectations and maintaining a transparent relationship with customers based on trust, confidence and mutual respect as we aspire to distinction and uniqueness through leadership in innovation of simple solutions which are more convenient to customers", Al-Majed concluded.