KUWAIT: Boubyan Bank has announced KD 53 million in operating profits for the first half of this year, while continuing to allocate provisions amounting to KD 22 million, thereby recording KD 33 million in net profits at a growth rate of 54 percent compared with last year, with an earnings per share of 8.5 fils.
Boubyan Bank’s Vice-Chairman & Group Chief Executive Officer, Adel Al-Majed stated: “Thanks to Almighty Allah, we ended H1 of this year with positive results which are the outcome of our expansion plans and the increase in our market share.” He went on to add: “For the bank and other various economic sectors, this year represents our return to normal life after two years of instability due to the pandemic. God willing, this year will be a remarkable one in our journey with more expansion plans.”
Al-Majed highlighted the most significant numbers recorded by the bank during the first half of this year where the total of customers’ deposits grew by 4 percent to reach KD 5.6 billion, while the financing portfolio grew by 12 percent to reach KD 5.7 billion, and with an operating income growth of 10 percent to reach KD 102 million compared to last year. Speaking on the bank’s market share, the bank’s share of local financing increased to 11 percent.
“Over the past years, Boubyan started its international expansion journey as it succeeded in completing the acquisition of the Bank of London and the Middle East, where Boubyan’s current holding stands at approximately 71 percent, and subsequently launched Nomo Bank in Kuwait and UK which was the first Islamic digital bank from London that offers its services to Boubyan Bank’s customers and non-customers,” Al-Majed added.
9 international awards
Al-Majed also stated: “Over the past two years, the bank’s success of the strategy it has been adopting since many years is reflected in the strength of the bank and kept the bank in the lead despite the fierce competition.”
Boubyan Bank ended H1 of the year 2022 by receiving a record number of international awards from distinctive and prestigious institutions such as Euromoney, MEED and Global Finance. The bank received 9 different awards in digital services, creativity and innovations, CSR and SMEs’ support in addition to MENA’s Banker of the Year Award in Islamic Finance received by the GCEO of Boubyan Bank, Adel Al-Majed, as well as the award for the Best Islamic Bank in Kuwait.
Al-Majed was also recognized this year as he was named “Arab Banker of the Year 2021”, making him the first Kuwaiti banker ever to receive the highest recognition given by the Union of Arab Banks for excellent achievers in the Arab financial and banking business.
Stanford Graduate School of Business hosted Al-Majed who gave a lecture to MBA students about the bank’s success story, thus becoming one of the most prominent leaders who were invited to give similar lectures; this included the CEOs of major companies.
Various events and activities
During H1 2022, the bank organized many events and social activities targeting various segments, especially during the holy month of Ramadan, where the bank organized its annual competition for the memorization of the Glorious Quran with the participation of 1,000+ participants in addition to Steps Campaign that aimed to support visually-impaired patients.
The bank also launched its “Neqsat Boubyan” initiative to offer ready-made meals to needy families. Moreover, the bank celebrated Gargee’an with the kids, one of the traditional occasions in Kuwait, in addition to sponsoring many activities and events organized by various entities.
During H1 2022, Boubyan Bank and Visa International celebrated the launch of Boubyan’s Visa FIFA World Cup Qatar 2022 Prepaid Card in the presence of many of officers from the bank, VISA International, media professionals, social media influencers, and customers of the bank.
Moreover, as a part of its health programs, the bank launched the first initiative of its kind in Kuwait concerned with psychological well-being to emphasis the bank’s CSR role and to highlight its outstanding contributions in many areas serving the society by launching initiatives that focus on developing the society and positively influencing it.
Digital excellence and sustainability
During H1 2022, the Digital Cooperation Organization “DCO” announced that Boubyan Bank joined them as an observer, thus completing the number of observers at the organization. This contributes to the fulfillment of DCO’s mission that aims to facilitate the means of international cooperation in the area of digital inclusion, and enable everyone to contribute to the digital economy.
To continue highlighting the international and regional developments of sustainability and governance, Boubyan Bank issued its second sustainability report for 2021 that tackles sustainability indicators as well as the effect thereof on environmental, social, and economic sectors in addition to corporate governance, which are all among the important aspects to evaluate the bank’s performance and positioning locally and regionally. Furthermore, the bank started reducing the use of plastic across all its branches and main buildings to contribute to safeguarding our environment and to reduce plastic waste, which is among most hazardous materials to our environment, and to protect it from the negative consequences of the increased use of plastic.