Boubyan Bank announces a net profit of KD 8 million in 2011; growing by 31% compared to last year
Al-Qadhi: Operating profits of KD 30.4 million, provisions continuously taken for precautions
Al-Majed: The rise in the Bank’s market share of deposits and finance proves success of the strategy for the second year

Boubyan Bank’s announced results for year 2011 which showed a net profit of KD 8 million compared to a net profit of KD 6 million for year 2010; growing by 31%.
Chairman of Boubyan Bank, Ibrahim Al-Qadhi, said in a press release today that the growth in the Bank’s net profits reflects the rise in operating profits by 24% to reach KD 30.4 million, while it continues to take general and precautionary provisions to reinforce its financial position.
Al-Qadhi stressed that despite the difficult business environment amidst which the Bank carried out its operating activities, it managed to continue its successful march & realization of profits overcoming many obstacles facing it in a highly competitive environment in which many financial institutions are seeking to acquire their shares.
“Thanks first to Allah then to our human resources, we were able to achieve these results that could have been even better were it not for the numerous difficulties surrounding the Kuwaiti economy, whether internal challenges and obstacles or external factors which casted heavy shadows on the economy; especially considering the various political developments witnessed in the region with reflections on different economies, including the Kuwaiti economy.”  Al-Qadhi added.
Al-Qadhi pointed out that the noticeable positive indicators include the increase in net finance income to KD 39.6 million during year 2011 compared to KD 30.3 million for year 2010; growing by 31% , in addition to the increase in customers’ deposits to KD 1,202 million compared to KD 941 million by the end of December 2010; growing by 28%”, he added.
On his part, the Vice-Chairman & MD, Adel Abdul-Wahab Al-Majed said that the most noticeable fact in last year is proving the success of the Bank’s strategy for the second year of implementation as the Bank’s market share of finance rose to 4.1% in addition to a rise in its share of deposits to 3.8% despite the challenges undergone by different economic sectors.
Al-Majed added that the Bank continued to play its role as a banking institution operating in compliance with the Shari’ah by offering distinguished products and services targeting the different categories on the level of retail banking, while achieving excellence and progress on the level of private banking and asset management.
In addition, the Bank carried on its expansion plan on the branches level increasing its branches to 20 in the framework of the new strategy which targets reaching 30 branches by year 2014.
Meanwhile, he pointed out that the Bank’s total assets as by the end of December 2011 amounted to KD 1,552 million compared to KD 1,316 million as by the end of December 2010, boosting up by 18%.
In addition, he stated that the Bank’s total equity increased to KD 247 million compared to KD 240 million; boosting the Bank’s Capital Adequacy Ratio to 25% against 12%, being the minimum required ratio stipulated by the Central Bank of Kuwait.
Concluding his statements, Al-Majed indicated that the trust of the Bank’s customers qualified it to win many awards during this year including The Best Islamic Bank in Kuwait from Arabian Business, The Best Islamic Bank for Customer Service from Service Hero, The Fastest Growing Bank in Kuwait from The Banker Middle East Magazine and The Most Creative & Innovative Bank in Kuwait from World Finance.

Key financial indicators for Boubyan Bank

Change ratio	December 2010 KD million	December 2011 KD million	Index
31%	6	8	Net profit
31%	30.3	39.6	Net financing income
28%	941	1,202	Customers’ deposits
25%	825	1,030	Financing portfolio
18%	1,316	1,552	Assets