KUWAIT: Boubyan Financial institution has introduced KD 26 million in working income for the primary quarter of this yr because the financial institution recorded KD 17 million in web income at a progress fee of 34 % in contrast with final yr, whereas the incomes per share quantities to 4.17 fils.
Boubyan Financial institution’s Vice-Chairman & Group Chief Govt Officer, Adel Al-Majed said: “Due to Almighty Allah, our Q1 income had been good, which is an effective begin to the yr 2022 as we hope it might be a superb yr for everybody. After all, we needed to allocate further precautionary provisions to help the financial institution’s monetary place, and to bolster our potential to face any future repercussions of the regional and worldwide developments.”
Al-Majed highlighted probably the most vital numbers recorded by the financial institution throughout Q1, because the financial institution’s property grew to KD 7.5 billion at a progress fee of 10 % in contrast with final yr, whereas the financial institution’s financing portfolio grew by 15 % to achieve KD 5.7 billion, and working earnings grew by 10 % to KD 50 million, thus growing the financial institution’s market share of native financing to 11.3 %.
Al-Majed said: “Final week was excellent because the financial institution acquired a world testimonial to its achievements over the previous years when Moody’s Credit score Ranking Company upgraded many rankings of the financial institution, a very powerful of that are Lengthy Time period Deposit Ranking, Baseline Credit score Evaluation, and the financial institution’s Lengthy Time period Counterparty Danger Ranking.”
“Our achievements over the previous years had been the fruit of outstanding efforts by our groups throughout numerous ranges in addition to the results of our profitable technique in the direction of attaining steady enterprise progress and profitability, coupled with the financial institution’s resilience in coping with market developments, and maintaining tempo with banking developments, particularly within the space of digital and digital providers.”, he added.
Al-Majed identified that this mirrored the power of Boubyan Financial institution’s franchise, and the expansion of its retail and company providers together with the accelerating progress of the financing portfolio. He additionally added that this highlighted the strategic and monetary significance of the financial institution whether or not for the financial institution’s group or the native monetary system on the whole.
New achievements with the start of a brand new yr
Al-Majed additionally said: “Over the previous two years, the financial institution confirmed the power and success of the technique it has been adopting since a few years, which highlighted the power of the financial institution and stored the financial institution within the lead regardless of the fierce competitors.”
He went on so as to add: “We managed to keep up constant customer support ranges this yr, which was evidenced by incomes the award for the Finest Islamic Financial institution in Buyer Service for the twelfth consecutive yr since 2010 by Service Hero, the worldwide consumer-driven buyer satisfaction index.”
Furthermore, World Finance named Boubyan the Finest Islamic Financial institution in Kuwait in 2022 for the seventh yr in a row owing to the expansion of its numerous monetary indicators and the expansion of its market shares. Moreover, Boubyan Financial institution was named the World’s Finest Islamic SME Financial institution by World Finance, thus including a brand new achievement as we begin a brand new yr.
Throughout Q1 of this yr, and as part of the financial institution’s progress plans for its branches’ community throughout all corners of Kuwait to serve its clients, the financial institution inaugurated its new department at Al-Surra neighborhood. This department was added to the financial institution’s community which is distributed throughout numerous areas of Kuwait, and which comes as part of the financial institution’s growth plans to stay nearer to its clients, particularly at areas that witness vital inhabitants progress.
Boubyan Financial institution additionally introduced becoming a member of the Digital Cooperation Group “DCO” as an observer, thus finishing the variety of observers on the group. This contributes to the achievement of DCO’s mission that goals to facilitate the technique of worldwide cooperation within the space of digital inclusion, and allow everybody to contribute to the digital financial system.
Boubyan Financial institution is the primary Kuwaiti entity to hitch DCO, a multilateral worldwide group that goals at digital prosperity. The financial institution joined as an observer because the group at the moment accelerates its efforts to broaden its collaboration to the non-public sector internationally to be able to fulfill its mission in the direction of digital prosperity for everybody.
Company-wise, Boubyan Financial institution highlighted the significance of its strategic partnership with DDGI over the previous years, which culminated, throughout Q1 of this yr, in a bunch of providers being supplied for the primary time within the Kuwaiti marketplace for company murabaha finance. This comes in step with the financial institution’s technique to remodel all company transactions on the financial institution into digital providers.
DDGI is thought for the providers it affords to Islamic banks and corporations by its numerous platforms. As per the newest partnership, Boubyan Financial institution would be the first financial institution in Kuwait which might enter right into a fully-automated Islamic murabaha transaction course of from the start and till the settlement of the transaction. That is really integrated in our Sharia compliant commodity-trading platforms by a highly-secure community.
With this step, Boubyan turns into the primary financial institution in Kuwait, which is built-in with DDGI’s worldwide commodities platform. This affords higher customer support and earns extra confidence from clients, with much less consumer involvement that finally results in quick and correct customer support.
Boubyan Financial institution Visa pay as you go playing cards
To maintain up with native and worldwide occasions, Boubyan Financial institution introduced the launch of two editions of Visa World Cup and Boubyan Visa Pay as you go Playing cards. This offers our clients a novel expertise to mark Kuwait’s celebrations and to be prepared for the World Cup, which is because of be held by the tip of the yr in Qatar.
Each playing cards had been introduced on the similar time, thereby confirming Boubyan Financial institution’s excellence in providing services to its clients, whereas highlighting the continued efforts of Boubyan Financial institution to at all times keep in contact with clients of all segments, permitting them to take pleasure in an distinctive banking expertise and excellent digital fee providers.
The financial institution’s human assets
Throughout Q1 of this yr, Boubyan Financial institution concluded its “Fikra Innovation Problem” for workers. The problem’s objective was to help and encourage workers to deliver revolutionary concepts for brand spanking new services that spotlight their inventive expertise and to enhance the identical in a fashion that displays positively on the extent of services of the financial institution in addition to customer support.
Ever since asserting the Fikra Innovation Problem, over 200 revolutionary concepts had been offered, which a robust indicator of how enthusiastic workers had been in regards to the problem over numerous ranges, the place every stage offered thought holders with challenges to enhance their concepts and translate the perfect 6 concepts to services into precise implementation in order that they could signify new additions to Boubyan Financial institution’s choices.