Best Islamic Bank in Kuwait
Global Finance has announced its list of the most secure & stable Islamic GCC banks, where Boubyan Bank was named the Best Islamic Bank in Kuwait for the fourth year in a row, owing to the growth of its various financial indicators and its market shares. This highlights the leadership of Boubyan Bank over other deeply-rooted banks, and confirms the rapid growth of the bank based on the implementation of clear plans to deal with the Kuwaiti market in line with its well-studied strategy.
Winning Criteria Set by the Panel of International Judges:
Global Finance stated that the bank managed during relatively short periods to make great leaps in growing its financial indicators, especially its market shares, in one of the most competitive markets in the region.
Boubyan Bank’s share of the local finance increased generally to 8.57% approximately, compared with 7.92% in 2017, while the bank’s share of retail finance increased to 11.15%.
This came as a part of the bank’s continuation of its steady growth in revenues as it hit 18% by the end of 2018 compared with 16% in the previous year, while the net profits hit KD 56.1 million compared with KD 47.6 million in 2017 while the earning per share amounts to 21.37 fils compared with 17.81 in the prior year.
The Bank’ indicators witnessed a remarkable growth in 2018, where the total assets increased to KD 4.34 billion approximately at a growth rate of 9% while the operating income increased to register KD 139.7 million at a growth rate of 11% in addition to the increase in customers’ deposits by 9%, to reach KD 3.7 billion.
- Strength of strategy set by the bank for attracting and servicing digital customers.
- Success in getting clients to use digital offerings.
- Growth of customers who use digital banking services through their various channels, whether through online banking or smart phones.
- Innovation and creativity in providing outstanding banking and non-banking services via electronic channels.