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2018 First half Profits




At A Growth Rate of 18%

Boubyan Bank Records Net Profits of KD 25.7 Million during the First Half of 2018

Al-Majed: Our Success is Achieved by the Trust of Our Customers, Our Successful Strategy and the Strength of Our Human Resources

Boubyan Bank has reported  net profits of KD 25.7 Million  for the first half of 2018,  a growth rate of 18% compared with the comparative period last year, with an earnings per share of 9.72 fils compared to 8.09 fils for the comparative period of 2017.

Mr. Adel Abdul Wahab Al-Majed, the Bank’s Vice-Chairman & Chief Executive Officer, commented on such positive results by stating: “Boubyan’s journey of success which started 9 years ago continues to achieve positive results by acquiring market shares in  various segments, both  in retail or corporate services”.

“This reflects the level of trust in the bank by various stakeholders whether shareholders or clients and this positively influences the growth of all the financial indicators of the bank”, he added.

*Positive Growth of Key Indicators

Mr. Al-Majed stated that all of the Bank’s main performance indicators witnessed a remarkable growth  during the first half of the year where the total assets increased to KD 4.2 billion at a growth rate of 12% while the operating income increased to reach  KD 71 million at a growth rate of 18% in addition to the increase in customers’ deposits by 12%, amounting to KD 3.5 billion.

He further added that the total equity of the bank increased to         KD 378 million compared with KD 352 million last year and that there was a notable increase in the financing portfolio to KD 3.1 billion with a growth rate of 13% in addition to the continuous growth of the bank’s customers’ base.

Al-Majed stated as well that the market share, in financing, increased to approximately 8.3%  with an increase in the market share of the retail finance  to approximately 11%. Besides this, the bank recorded a remarkable growth  in the corporate credit portfolio at 11% compared to last year. This was achieved by building relationship with a number of companies known for their financial position and creditworthiness while continuing to maintain the highest standards of credit quality, monitoring and diversifying risks.

*Customer Service

On the other hand, Al Majed stressed that the bank would continue opening new branches after reaching 42 branches, and he stated: “In line with our domestic geographic expansion to be closer to our clients, we are continuing our investment in e-services and e-banking products which placed us ahead of other local banks. We are doing that in order to cater for the various needs of our clients.”

He went on to add: “Boubyan will continue providing the highest levels of service to its client emanating from its slogan “Towards Perfection” which has been reflected in all the services and products of the bank, aiming to make the life of our customers easier and to make all the aspects of their daily life more convenient.”

In this context, Mr. Al-Majed stressed that Boubyan Bank continued being at the top of the pyramid for customer service in

Boubyan Bank’s Key Financial Indicators

In KD Million

Growth

First Half

2017

First Half

2018

Indicator

%18

21.9

25.7

Net profits

%18

60

71

Operating Income

%12

3,172

3,542

Customers’ deposits

%13

2,775

3,132

Financing portfolio

%12

3,733

4,167

Assets

Adel Al Majid.jpg