For the Eighth Consecutive Year
Global Finance Recognizes Boubyan Bank with the Award for the “Best Islamic Bank in Kuwait”
Al-Tuwaijri: The Award Highlights Our Keenness on Achieving Success and Our Steady Steps Built on Clear Strategies
Global Finance announced its awards for banks in Kuwait and the region, which saw Boubyan Bank’s recognition for the eighth consecutive year with the award for the “Best Islamic Bank in Kuwait” for the year 2023. This came in light of the bank’s achievement of sustainable growth across its various financial indicators and market shares, as well as its outstanding performance and the materialization of its vision which targets the growth of its customer base and offering solutions and products which meet the needs of various segments in a manner that provides them with a unique banking experience.
Boubyan Bank’s CEO - Private, Consumer & Digital Banking, Mr. Abdullah Al-Tuwaijri, commented: “Thanks to Almighty Allah, we managed to succeed in a new challenge at the level of Islamic financial institutions in Kuwait by winning this special award, which reiterates our keenness on success and highlights our steady steps built on well-studied strategies that enabled us to make great leaps and growth across all our financial indicators, especially our market shares across various sectors.”
“Boubyan Bank’s solid performance is the fruit of its unwavering commitment to offering sustainable solutions and products that achieve sustainable growth over the long term. All this was achieved by the special efforts of our human resources, and we remain committed to maintaining our successes across all business sectors side by side with financial results.”, he added.
Global Finance explained its rationale behind giving this award to the bank, stating that over the past years Boubyan managed to make great leaps in terms of growing its financial indicators, especially its market shares, in one of the most competitive markets in the region.
** Always Closer to Customers
Al-Tuwaijri elaborated: “This award crowns our efforts and commitment to customer satisfaction. We are keen on being closer to our customers all the time to guarantee that we offer them quality banking services and products that meet their expectations and needs, thus raising the bar for offering outstanding service levels that exceed customers’ expectations.”
He added: “Boubyan Bank always seeks to improve the level of banking services for a more creative and flourishing future, where customer’s convenience is our priority. This strategic investment that meets the various demands of all segments of customers will reinforce the position of Boubyan Bank as a leading Islamic bank in banking and digital solutions, locally, regionally, and internationally.”, he added.
** A Strong Start for a Year Full of Challenges
During Q1 of this year, the bank recorded KD 27.6 million in profits, thus recording KD 20.6 million in net profits at a growth rate of 22% compared with last year, while the earnings per share amount to 4.4 fils.
Additionally, the bank’s assets grew to KD 8 billion at a growth rate of 8% compared with last year, while the bank’s financing portfolio grew by 5% to reach KD 6 billion, and operating income grew by 6% to KD 52.6 million, whereas the bank’s market share of local financing increased to 11.4%.
This year witnessed the launch of the bank’s new brand identity titled “Imagine the possibilities”. The new brand identity is aligned with the bank’s success and achievements over the past years as well as its ambitions for the future.
The rebranding process aimed to keep up with our growth, while expressing the bank’s ambition and passion to build a strong relationship with customers, and to refresh our messages to various segments of customers and stakeholders and, thus, we updated our logo, our mission, vision, and Boubyan core values.
Boubyan Bank has continued topping the pyramid of customer service in Kuwait, evidenced by earning two awards from Service Hero, the international consumer-driven customer satisfaction index. The bank was named the Best Islamic Bank in Customer Service for the 13th year in a row since 2010, in addition to receiving the First Place Award in Customer Service as a Country Winner across all economic sectors in Kuwait.
Additionally, the bank was ranked on the list of the top 10 most valuable and strongest Kuwaiti brands in terms of valuation for 2023, in addition to being ranked the fastest growing at a growth rate of 33% as per Brand Finance, the international brand-valuation consultancy.