Boubyan Bank Net profits grow

Boubyan Bank – The Bank Remains at the Top of the Digital Services Pyramid, as Demonstrated by Its Eighth Consecutive Win of the “World’s Best Islamic Digital Bank Award” CSR & Sustainable Development Form a Key Foundation for Boubyan Bank’s Successive Strategies

The Bank has a national workforce percentage that is above 80% at its highest level.

With a growth rate of 19% and earnings per share of 14.2 fils, Boubyan Bank reported KD 57.8 million in net profits for the year 2022. It also recommended distributing 6 fils in cash dividends and 6% in bonus shares. Additionally, the bank allocated KD 43.6 million in provisions, continuing its careful strategy.

The overall consolidated assets of the Boubyan Bank Group rose to KD 7.9 billion at a growth rate of 7% in 2022, according to Mr. Al-Shaya, who also noted that all of the bank’s key metrics showed extraordinary growth. Additionally, the total amount of client deposits increased by 6% to KD 6 billion, the financing portfolio increased by 7% to KD 5.9 billion, and operational income increased by 7% to KD 201 million.

In order to accomplish the positive outcomes, which would not have been possible without the sincere efforts of the management and all bank employees, Mr. Al-Shaya emphasized the Board’s complete and continued support to the efforts of the bank’s highly-professional executive management.

A Fantastic Year of Success

“Last year was marked by many milestones and successes achieved by the bank in pursuit of its expansion plans, aiming for further local expansion in addition to expanding regionally and internationally,” said Mr. Adel Abdul Wahab Al-Majed, Vice-Chairman & Group Chief Executive Officer of Boubyan Bank.

“The bank’s market share and ongoing growth reflect the high levels of customer service and digital excellence, which are the result of the bank’s clear strategy, skilled executive team, and ongoing investment in our human resources with a special focus on our national cadres. ” Added Al-Majed

Al-Majed also emphasised Boubyan Bank’s accomplishments in 2022, including its success in winning numerous awards from esteemed regional and international organisations as well as the continuous improvement of its credit ratings from international rating agencies, which reflect the bank’s constructive role and its exceptional contributions to the Islamic banking industry in numerous areas.

Boubyan Bank achieved a significant feat last year when Moody’s and Standard & Poor’s upgraded the bank’s “long-term issuer credit rating” to A2 and A, respectively; these ratings put Boubyan Bank in the lead among local banks and in front of all Islamic banks in Kuwait that were rated by Standard & Poor’s, with Boubyan Bank ranking second overall among all local banks.

In addition, Boubyan Bank was added to Forbes’ list of the Top 100 Listed Companies in the Middle East, marking a decade of accomplishments and victories that propelled the bank to the pinnacle of Kuwait’s banking sector. Forbes compiles this list on a yearly basis based on a number of financial factors, the most important of which are market valuation, sales, total assets, and net earnings for the year 2021.

Additionally, Boubyan Bank was named the “Best Bank for SMEs in Kuwait” by Euromoney International in recognition of the bank’s accomplishments over the years in supporting SMEs, as well as its outstanding contribution to giving SMEs a foothold in the local economy by providing them with a variety of services that cater to their needs.

Services and Goods

In partnership with DIFC FinTech Hive, Boubyan completed its “Boubyan Accelerator” programme in 2022, the first of its type in Kuwait. The programme seeks to launch and accelerate the concepts of all varieties of Kuwaiti digital businesses in order to speed up their growth and expansion. This was done as part of the bank’s plan to help them with their accounting, finance management, and marketing initiatives. This would encourage entrepreneurship in the promising technology sector.

The bank kept providing its customers with special goods and services, and it developed numerous campaigns for the PRIME special account for young people as well as other promotions, rewards, and experiences that would be of interest to this market. The bank also introduced the National Day Prepaid Card, which has a distinctive design and is eligible for special discounts and promotions. The bank also introduced the limited-edition FIFA World Cup Prepaid Card, which offers numerous exclusive advantages and incentives all year long.

Additionally, by introducing its “Go Green” campaign, the bank made steady progress toward strengthening its sustainability approach for the first time in Kuwait. As a result of this collaboration, it became the first programme of its kind among Kuwaiti institutions that permits clients to acquire electric cars.

Our real strength is our human resources at the bank.

Speaking of the Human Resources Group, the bank continued to support its human resources and national cadres and was able to achieve the highest manpower percentage within the private sector, which now exceeds 80%. The bank also continued its enablement strategy for women, who now make up 26% of its workforce and many of whom hold leadership positions.

In 2022, Boubyan Bank made an investment in the competence and skill of its people cadres by providing them with training courses and programmes in collaboration with leading businesses that specialise in human resources consulting and development. This resulted from Boubyan Bank’s desire to adopt cutting-edge international standards in order to ensure that the bank is prepared for problems in the future by vetting its leaders and giving them the tools they need to effectively compete in the market.