Kuwait- Boubyan Bank Reports KD 10 Mln Net Profit In 2012

(MENAFN- Arab Times) Boubyan Bank announced a net profit of KD 10 million, growing by 25% compared to year 2011 at earnings per share of 5.75 fils. Meanwhile, the Board of Directors recommended distribution of bonus shares of 5% for the first time since year 2007 (the last time the Bank made profit distributions). Chairman & MD of Boubyan Bank, Adel Abdul-Wahab Al-Majed indicated that this represents a new achievement for the Bank, as profitability continues to grow since 2010, then 2012 witnessed the regaining of profit distributions to shareholders. “Our regaining of profit distribution is the best news we bring to our shareholders who supported us during the reconstruction phase started three years ago, which bore its fruits, thanks to their support, through many achievements made and expansion objectives realized on the local market level in general and Islamic banking services, in particular,” added Al-Majed. Al-Majed noted: “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 continue to attract more interest from customers. Positive Indicators Al-Majed highlighted some noticeable positive indicators for the Bank including the increase in net financing income to KD 53 million by the end of year 2012 compared to KD 40 million for year 2011; growing by 33%, in addition to the increase in customers’ deposits to around KD 1.4 billion compared to around KD 1.2 billion; growing by 16%. In addition, the Bank’s total assets as by the end of December 2012 amounted to KD 1.9 billion compared to KD 1.5 billion by the end of December 2011, boosting up by 22%. The Bank’s total equity increased to KD 254 million compared to KD 244 million for year 2011; resulting in a Capital Adequacy Ratio of 24.4% 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 1.27 billion by the end of December 2012 compared to KD 1.03 billion, growing by 23%, in addition to the continuous rise in the Bank’s customer base. Five-Year Strategy On the other hand, Al-Majed emphasized that the Bank continues to implement its Five-Year Strategy (2010-2014) started three years ago, which aims at more expansion in the Kuwaiti market through distinguished Shari’ah compliant products and services catering to the different needs of both companies and individuals. In addition, the Bank will adopt the new strategy to be implemented during the period from 2015-2020 entitled “2020 Strategy.” Regional and International Recognition Concluding his statements, Al-Majed noted the Bank’s distinguished achievements realized during last 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”.

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