The Banking Executive Magazine - April 2021

Boubyan Bank has announced KD 24.8 million in operating profits for the first quarter of this year, while continuing to allocate provisions amounting to KD 12 million, thereby recording KD 12.6 million approxi- mately in net profits at a growth rate of 23% compared with past year, while the earning per share amounts to 3.97 fils. Boubyan Bank’s Vice-Chairman & Group Chief Executive Officer, Mr. Adel Al-Majed, stated: “We are still adopting the same strategy and same plans of the past year where we com- bated the Covid-19 pandemic in view of the continued crisis and its repercussions clearly affecting the banking industry.” “Despite the exceptional circum- stances we are going through, Boubyan Bank has confirmed its ability to weather this storm and to continue providing the highest levels of customer service while maintain- ing flexibility in incorporating our services and products via our various digital channels to make the lives of our customers much easier.”, he added. Al-Majed went on to add: “We hope that the economic sectors in Kuwait return to work normally in light of the efforts exerted by the various bodies in Kuwait to vaccinate the majority of Kuwaitis and expats in order to pave the way for the reopen- ing of all sectors and the gradual re- turn to normal life.” “Of course, we had to allocate addi- tional precautionary provisions to support the bank’s financial position, and to bolster our ability to face any future repercussions of the ongoing Covid-19 crisis, which is normal as a result of this unprecedented crisis; a first in our modern world.”, he elab- orated. ** POSITIVE RESULTS: Al-Majed highlighted the most signif- icant numbers recorded by the bank during the first quarter of this year where the total of customers’ de- posits grew by 12.5% to reach KD 5.2 billion, while the financing port- folio grew by 8% to reach KD 4.9 billion, and operating income grew by 9% to reach KD 45 million. Speaking of the bank’s market shares, the bank’s share of local financing in- creased generally to 10.4% approxi- mately, while Boubyan Bank’s share of retail finance grew to about 13%, thereby positioning Boubyan Bank in the third place among local banks in terms of the financing portfolio. the BANKING EXECUTIVE 62 ISSUE 148 APRIL 2021 Boubyan Bank RECORDS KD 12.6 MILLION IN NET PROFITS FOR THE FIRST QUARTER OF THIS YEAR