Boubyan Bank records a net profit of 17 million KD for the first quarter of this year

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  • Al-Majed: A good start to 2022 and we look forward to continuing our comprehensive digital transformation strategy
  • Al-Majed: Moody’s upgrade of the Bank’s ratings is an international testament to our achievements over the past years

Boubyan Bank announced an operating profit of KD 26 million for the first quarter of this year, with the bank recording a net profit of KD 17 million at a growth rate of 34% compared to last year, while earnings per share amount to 4.17 fils.

Boubyan Bank Group Vice Chairman and Managing Director, Mr. Adel Al-Majed said: “Thanks to Almighty Allah, our first quarter profits were good, which is a good start to 2022 because we hope it will be a good year for everyone. Of course, we had to allocate additional precautionary provisions to support the bank’s financial situation and strengthen our ability to cope with possible future repercussions of regional and international developments.

**Positive results:

Al-Majed pointed to the most important figures recorded by the bank during the first quarter, when the bank’s assets reached KD 7.5 billion at a growth rate of 10% compared to last year. , while the bank’s financing portfolio increased by 15% to reach KD 5.7 billion. , and the operating result increased by 10% to 50 million KD, bringing the bank’s market share on local financing to 11.3%.

** International testimony

Al-Majed said: “Last week was exceptional as the bank received international testimony to its achievements over the past few years when credit rating agency Moody’s upgraded many of the bank’s ratings, including the highest important are the rating of long-term deposits, the basic credit rating. , and the bank’s long-term counterparty risk rating. »

“Our achievements over the past few years have been the result of the exceptional efforts of our teams at different levels as well as the result of our successful strategy to achieve stable growth and profitability, combined with the bank’s resilience in the face of changing market and to keep pace with banking developments, especially in the area of ​​digital and electronic services,” he added.

Al-Majed pointed out that this reflected the strength of Boubyan Bank’s franchise and the growth of its personal and business services as well as the accelerated growth of the financing portfolio. He also added that it underlined the strategic and financial importance of the bank, whether for the bank group or the local financial system in general.

** New achievements with the start of a new year

Al-Majed also said: “Over the past two years, the bank has confirmed the strength and success of the strategy it has been adopting for many years, which has highlighted the strength of the bank and maintained the leading bank despite fierce competition. ”

He added, “We have managed to maintain consistent customer service levels this year, as evidenced by the award for Best Islamic Bank in Customer Service for the twelfth consecutive year since 2010 by Service Hero, the international customer-focused consumers. satisfaction index.

In addition, Global Finance has named Boubyan the best Islamic bank in Kuwait in 2022 for the seventh consecutive year due to the growth of its various financial indicators and the growth of its market shares.

Additionally, Boubyan Bank was named the best Islamic bank for SMEs in the world by Global Finance, adding yet another achievement as we enter a new year.

** Developments in the first quarter

During the first quarter of this year, and as part of the bank’s growth plans for its branch network in all corners of Kuwait to serve its customers, the bank inaugurated its new branch in Al- Surra. This branch has been added to the bank’s network which is spread across various regions of Kuwait and is part of the bank’s expansion plans to stay closer to its customers, especially in areas that are experiencing a significant population growth.

Boubyan Bank also announced its membership of the Digital Cooperation Organization “DCO” as an observer, thus completing the number of observers within the organization. This contributes to the fulfillment of DCO’s mission to facilitate means of international cooperation in digital inclusion, and enable everyone to contribute to the digital economy.

Boubyan Bank is the first Kuwaiti entity to join DCO, an international multilateral organization that aims for digital prosperity. The bank has joined as an observer as the organization is currently accelerating its efforts to expand its collaboration with the private sector internationally to fulfill its mission towards digital prosperity for all.

On the business side, Boubyan Bank underscored the importance of its strategic partnership with DDGI over the past few years, which resulted, during the first quarter of this year, in a group of services offered for the first time on the Kuwaiti market for corporate murabaha financing. This is part of the bank’s strategy to transform all of the bank’s business transactions into digital services.

DDGI is known for the services it offers to Islamic banks and businesses through its various platforms. According to the latest partnership, Boubyan Bank will be the first bank in Kuwait to be able to enter into a fully automated Islamic murabaha transaction process from inception to settlement of the transaction. This is actually integrated into our sharia-compliant commodity trading platforms through a highly secure network.

With this milestone, Boubyan becomes the first bank in Kuwait, integrated into DDGI’s international commodity platform. This provides better customer service and gains more trust from customers with less user involvement, which ultimately leads to prompt and accurate customer service.

** Boubyan Bank Visa prepaid cards

To follow local and international events, Boubyan Bank announced the launch of two editions of the Visa World Cup and Visa Boubyan Prepaid Cards. This provides our customers with a unique experience to mark the celebrations in Kuwait and be ready for the World Cup, which is to be held by the end of the year in Qatar.

Both cards were announced at the same time, confirming Boubyan Bank’s excellence in offering products and services to its customers, while highlighting Boubyan Bank’s continuous efforts to always stay in touch with customers from all over the world. segments, allowing them to benefit from an exceptional banking experience. and exceptional digital payment services.

** The Bank’s human resources

During the first quarter of this year, Boubyan Bank concluded its “Fikra Innovation Challenge” for employees. The objective of the challenge was to support and encourage employees to contribute innovative ideas for new products and services that showcase their creative skills and to improve them in a way that positively reflects the level of products and services of the bank and customer service.

Since the announcement of the Fikra Innovation Challenge, more than 200 innovative ideas have been presented, which is a strong indicator of employees’ enthusiasm for the challenge at different levels, where each level has presented idea holders with challenges for improve their ideas and translate the 6 best ideas into products and services in the effective implementation so that they can constitute new additions to the offer of Boubyan Bank.

-Ends-

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