The Banker Names Boubyan Bank the Best Islamic Bank in Kuwait
Al-Tuwaijri: We Are Proud of This Achievement Amid The Exceptional Circumstances of the Covid-19 Pandemic
Boubyan Bank has continued its local achievements and added a new one by being named the Best Islamic Bank in Kuwait by the Banker for the third year in a row due to the growth witnessed by the various financial indicators of the bank as well as the growth of its market shares.
Mr. Abdulla Al-Tuwaijri, Boubyan Bank’s DCEO, commented on this special achievement by stating: “Thanks to Almighty Allah, we managed to accomplish this achievement which we attribute to our great human resources, and the trust of our customers and shareholders in all what we have been doing for years.”
“The bank takes pride in this achievement as we conclude 2020 that witnessed one of the toughest challenges that faced the world, namely the Covid-19 Pandemic, which brought huge changes to our daily lives. Nevertheless, Boubyan Bank has proven its ability to face the challenges posed by the pandemic, especially the ones related to continuing customer service throughout our various digital channels.”, he added.
In its rationale for giving the award to the bank, The Banker stated that the financial performance of the bank has been remarkable throughout 2019 despite the challenges of competition, adding that the bank continued increasing and growing its market shares at various sectors.
Furthermore, the bank managed to grow its revenues by the end of 2019 by 12% as the net profits hit KD 62.6 million compared with KD 56.1 million in 2018 while the earning per share amounted to 20.4 fils compared with 19.2 in the previous year.
In 2019, most of the bank’s indicators witnessed growth as the total assets increased to KD 5.30 billion approximately at a growth rate of 22% while the operating income increased to register KD 145.8 million at a growth rate of 4% in addition to the increase in customers’ deposits by 17%, to reach KD 4.35 billion.
The total equity of the bank increased to KD 575 million compared with KD 408 million last year and there was a notable increase in the financing portfolio to reach KD 3.73 billion with a growth rate of 14% in line with the continuous growth of the bank customers’ base.
Speaking of the bank’s market shares, the share of local financing increased generally to 9.31% approximately, compared with 8.57% by the end of last year, while Boubyan Bank’s share of retail finance increased to 13%.
Creativity and Innovation; Characteristics of Boubyan Bank
Al-Tuwaijri went on to add: “Since creativity and innovation represent two main pillars in Boubyan Bank’s business model, we have been constantly keen over the past years on enhancing our innovation and our services extended to customers. To maintain our edge in the market, Boubyan Bank continued offering new and innovative banking products and services in addition to improving existing ones.”
“Boubyan maintains the highest standards upon offering products in a comfortable and innovative manner that befits the needs of customers whether in terms of technology or traditional ways of banking. Through our care, persistence and dedication to work, we managed to achieve the highest levels of customer satisfaction.”, he concluded.