(MENAFN - Arab Times) Boubyan Bank (the Fastest Growing Bank in Kuwait) announced its results for the 1st Half of 2012 which showed a net profit of KD 5.2 million compared to a net profit of KD 4.4 million for the same period of last year; growing by 18%, noting that these results reflect an increase in its operating profits by KD 15.5 million.
Chairman & MD of Boubyan Bank, Adel Abdul-Wahab Al-Majed said that the growth in the 1st Half's profits manifests the success recently witnessed in the Bank and its competitiveness, whether on the level of Islamic banks or the local banking sector in general.
"Within a short period, namely since the strategic changes witnessed in 2009 as mainly represented in the entry of the NBK as a major stakeholder in the Bank, Boubyan Bank managed to prove its competiveness in the Islamic banking products and services market, which has been witnessing continuous growth in customers' interest." Al-Majed added.
Al-Majed indicated that the Bank's success in realizing many objectives set in its strategy for the period from 2010 to 2014, depending on regaining profitability by focusing on banking activities including products, services and finance solutions that cater to individual and corporate needs.
He added that what proves this is the rise of the Bank's market share of deposits during the period from December 2009 to May 2012 from 2.45% to 3.93% as well as the rise of its market share of finance from 2.34% to 4.39%.
Al-Majed pointed out that the Bank will continue realization of its objectives to be the closest choice to customers willing to deal with Islamic banks by offering more distinguished products and services and reaching out to all areas of Kuwait by opening more branches in residential areas.
Al-Majed also denoted the Bank's continuing social role as part of its social responsibility specially with regard to the national labor ratio, which rose to above 64% as well as the investment in its human resources and launching the "ITQAN Academy", the first of its kind on the local and regional banks' level.
He expressed his hope that the coming period and the remaining part of the year witness more stability that will have positive impacts on the different economic sectors, mainly the banking sector, the core of Kuwaiti economy.
Al-Majed highlighted some noticeable positive indicators for the Bank including the increase in net finance income to KD 24.3 million compared to KD 18.3 million for the same period in year 2011; growing by 33%, in addition to the increase in customers' deposits to KD 1.3 billion compared to KD 1.1 billion; growing by 19%.
In addition, the Bank's total assets as by the end of June 2012 amounted to KD 1.73 billion compared to KD 1.45 billion by the end of June 2011, boosting up by 19%. The Bank's total equity increased to KD 252 million compared to KD 241 million; boosting the Bank's Capital Adequacy Ratio to 25% against 12%, being the minimum required ratio stipulated by the Central Bank of Kuwait.
Al-Majed added that positive indicators also include a rise in financing portfolio to KD 1.16 billion by the end of June 2012 compared to KD 920 million, growing by 26%, in addition to the continuous rise in the Bank's customer base.
Regional and International Recognition
Concluding his statements, Al-Majed noted the Bank's distinguished achievements realized during the Q1 of this year represented in winning 5 regional and international awards including: Best Islamic Bank in Kuwait for Customer Service for the second year in a row from "Service Hero", Best Islamic Bank in Elite Credit Card Services from "The Banker Middle East Magazine", Best Islamic Bank in Kuwait from "World Finance", Fastest Growing Bank in Kuwait from "The Banker Middle East Magazine" and Best Islamic Bank in Kuwait from "Arabian Business".