Boubyan Bank net profits KD 14.6 mLn in first quarter of ’19

KUWAIT, Boubyan Bank announced Sunday a KD 14.6 million in net profits for the first quarter of 2019, a growth rate of 16 percent compared with the same period of the past year.

In a press report, the bank also said earning per share amounts to 5.83 fils compared with 5.01 fils for the comparative period of 2018.

The Bank’s Vice-Chairman and Chief Executive Officer, Adel Al-Majed said, “thanks to Allah, the Almighty, we have had a good start this year, which is a strong one in a new year where we will spare no effort to make it remarkable similar to the past years, and to continue our journey of success and achievements.” “It is no secret that achieving good growth rates at the beginning of any financial year is very important since it represents a strong motive for everyone towards more hard work and more successes.

Our success is attributed to the Grace of Allah, the Almighty, in the first place, then to the efforts of our human resources, the trust of our shareholders and customers which helped us continue our journey towards achieving good growth rates which highlight the success of our strategy and plans to expand in the local market,” he added.

Al-Majed stated that all of the Bank’s main indicators witnessed a remarkable growth until the end of the first quarter where the total assets increased to KD 4.6 billion at a growth rate of 8 percent while the operating income increased to register KD 37 million at a growth rate of 9 percent in addition to the increase in customers’ deposits by 7 percent, amounting to KD 3.8 billion.

“The total equity of the bank increased to KD 406 million compared with KD 367 million last year and that there was a notable increase in the financing portfolio up to KD 3.4 billion with a growth rate of 13 percent in addition to the continuous growth of the bank’s customers’ base,” he continued.

Al-Majed pointed out 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 specifically to approximately 11.3 percent.

Besides, the bank recorded outstanding growth rates in the corporate credit portfolio, which stood at 15 percent.

“The bank continues its local achievements and has followed the journey it started before many years by being named the Best Islamic Bank in Kuwait in 2019 by Global Finance for the 4th year in a row due to the growth witnessed by the various indicators of the bank as well as the growth of its market shares.

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.

Source: Kuwait News Agency