Boubyan Bank Records Net Profit of KD 25 Million for the First Quarter of This Year

(MENAFN- Bank Boubyan) Boubyan Bank has announced KD 31.7 million in operating profits for the first quarter of this year as the bank recorded KD 25 million in net profits at a growth rate of 21% compared with last year, while the earnings per share amounts to 5.2 fils.

Boubyan Bank’s Vice-Chairman & Group Chief Executive Officer, Mr. Adel Al-Majed, stated: “Our positive financial results during Q1, 2024 is a testament to Boubyan’s outstanding position in the local financial and banking sector. Customers of the bank can rest assure that the management will continue its efforts towards leadership and sustained growth across all the bank’s areas.”

Al-Majed highlighted the most significant numbers recorded by the bank during Q1, as the bank’s assets grew to KD 8.7 billion at a growth rate of 8% compared with last year, while the bank’s financing portfolio grew by 8% to reach KD 6.5 billion thus increasing the bank’s market share of local financing to 11.6% and operating income grew by 17% to KD 61.6 million.

He added: “The results achieved during this quarter have been closely associated with an effective strategy that enhanced the financial and operating performance of the Group as a whole. With steady steps, the bank will be launching a new 5-year strategy to continue boosting growth, positive performance, and upgrade of our digital infrastructure, in addition to increasing our market shares, while moving forward towards accelerating overall improvements.”

** Excellence in Customer Service
Al-Majed highlighted: “Boubyan Bank’s management is always working to improve the quality of services and products to improve and enrich a banking experience that meets the needs of customers and becomes part of their daily life, which led the bank to be in the lead for customer service in Kuwait as it has been named the “Best Islamic Bank in Customer Service” for the 14th year in a row since 2010, in addition to being ranked among the top three in Customer Service across all economic sectors in Kuwait for the year 2023 by Service Hero, the consumer-driven customer satisfaction index.

“Boubyan managed to become a leading franchise by following a tailored path that reinforces customer satisfaction levels, leading to receiving a 96% customer-satisfaction score among all Islamic and conventional local banks. The bank’s market share and its ongoing growth reflect the high levels in customer service and digital excellence, which are the fruit of the bank’s clear strategy, professional executive team, and continued investment in our human resources with special focus on our national cadres”, he added.

He elaborated: “The bank’ sustained growth was the result of a well-studied approach towards investing in various business sectors, thus leading to significant growth in our consumer banking and corporate banking businesses, thanks to our focus on creativity and innovation despite the fierce competition in the banking sector.”

** Nomo .. Accelerating Growth of Property Investment in the UK & Expansion in the GCC
During the past period, Nomo Bank, the digital arm of the Bank of London and the Middle East “BLME”, a subsidiary of Boubyan Bank Group, launched unique products and services that put it on par with top financial institutions. This aligns with its strategy that focuses on enhancing and improving its core digital business in order to ensure offering the best banking experience to individual customers through the best digital solutions so as to provide easier, more convenient, and secure digital payment solutions.

Moreover, Nomo Bank has recently hosted Barratt London, a UK property developer, with the attendance of some of the bank’s customers, along with Great Portland, and a group of individuals and investors who were interested in exploring exclusive Sharia-compliant real estate and investment opportunities with competitive advantages in order to benefit from the best possible investment value, coupled with the best property finance solutions that cope with the accelerating growth in the UK’s property investment.

** Prominent Digital Achievements
Boubyan Bank’s digital transformation strategy gained a significant momentum, being a real example for succeeding in being highly competitive regionally in digital services, and in changing the lives of our customers through our services and products. Our digital services’ journey is very exceptional. It has seen us excel and climb to the top of the pyramid amid tough competition in the market for digital banking services which is growing rapidly.

During Q1, Boubyan offered a group of innovative services, products, and digital solutions, which added value to customers and maintained the bank’s leadership in innovation to ensure enriching their banking experience, and making things easier, especially amid the competition across various business sectors. This reflects the bank’s ongoing approach to develop the digital infrastructure and to offer the best services in the field of digital payments.

Boubyan continued supporting its human resources and recruiting national cadres, and was able to reach the highest percentage of national manpower across the private sector, which now exceeds 81%, and continued its enablement approach for women, who now account for 30% of the bank’s employees, with many of them occupying leadership positions.

The bank’s human resources proved themselves to be one of the key pillars of the bank’s ongoing success, as they embrace and adopt Boubyan's future vision, which greatly contributes to the introduction of innovative and creative ideas and deliverables, while reiterating the bank’s commitment to providing all that is necessary to support our human resources’ leadership role in a real and sustained manner to have a positive effect on the future job market and achieve the desired results in terms of increasing our productivity and the profitability rates of the bank.

** CSR and the Holy Month of Ramadan
During the same period, Boubyan successfully concluded a complete program of initiatives and social contributions during the Holy Month of Ramadan, which aimed at daily engagement with various segments of the society to reinforce our leadership role in CSR and sustainable development, being among the key drivers of Boubyan’s strategy.

Through this program, the bank managed to make a unique social mark that aimed at reinforcing the meanings of giving, volunteering, and committing to an unprecedented social engagement throughout the Holy Month, thanks to the efforts of our Boubyan Team of Volunteers that comprised of a group of our employees from various departments, with the participation of our customers out of their keenness on sharing the reward of good deeds.


1st Highlight
** Why is Boubyan the best?

Boubyan’s choice by Service Hero relied on a group of criteria including a survey that extended over one year among consumers, who evaluated companies on a scale of 10 against their service-level expectations, their experience and satisfaction following the customer-service experience.

The evaluation relied on many elements such as staff’s attitude, location of the bank, speed of service, confidence in the product, quality of service or product, value for money, the contact center, and the website of the bank. Service Hero’s survey implements a strict protocol to confirm the identity of consumers who take part in the survey.

2nd Highlight
** Boubyan’s Contributions during Ramadan
- More than 4,500 participants walked 168 million steps as a part of Boubyan Steps Campaign.
- More than 1,000 participants in the 10th “Recite with Boubyan” Competition, and recognizing 30 winners who memorized the Glorious Qur’an by heart.
- Distribution of more than 25,000 Iftar meals to the visitors of the Grand Mosque and various areas of Kuwait.
- Distribution of more than 3,000 food baskets as a part of “Neamaty” Initiative.
- More than 250,000 users of Kuwait’s App for the Glorious Qur’an with the 10 Recitations.
- Offered hospitality services to worshippers at more than 50 mosques across Kuwait’s governorates as a part of our Mosques Hospitality Program in the Holy Month of Ramadan.
- More than 800,000 participants in the “Minute Challenge” throughout the Holy Month.
- 10 new initiatives in collaboration with Bu Jarrah, the known leader of community initiatives. Moreover, we offered instant and valuable prizes to anyone who made a mark and led to a significant change in a specific neighborhood in Kuwait.
- Participation of more than 8,000 customers for a chance to be winners in “Your Ghabga Is on Us” initiative.
- Attendance of more than 1,500 persons in “Boubyan Gergean” at Al Shaheed Park.


Bank Boubyan

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