Boubyan Bank records KD 26.5mln in net profits for Q1 2025

Zawya

21-04-2025

Profit Before Tax Grew by 22% to KD 31.4 Million
Adel Al-Majed:
Boubyan Maintains Its Solid Financial Position & Profit Growth, and Expands Retail, Corporate, and Wealth Management Services
Fifteen Consecutive Years of Excellence and Exceptional Quality Customer Service atop the Islamic Financial Sector in Kuwait
Empowering Entrepreneurs via Well-Studied Strategies and Partnerships That Develop Business Environments and Boost Innovation
Boubyan Bank has announced its financial results for Q1 of this year. The bank recorded KD 26.5 million in net profits at a growth rate of 6% compared with the same period of the past year, with Profit Before Tax 'PBT' amounting to KD 31.4 million at a growth rate of 22%, while the earnings per share amount to 5.31 Fils.
Mr. Adel Al-Majed, Boubyan Bank's Vice-Chairman & Group Chief Executive Officer, commented: 'Boubyan has succeeded and excelled in achieving its strategic goals, thus maintaining its solid financial position, strong profitability and operational performance, while expanding its banking and wealth-management services.'
He pointed out: 'Boubyan Bank's financial indicators during Q1, 2025 demonstrated positive results and significant growth, where the bank's assets grew to KD 9.7 billion at a growth rate of 12% compared with last year, while the bank's financing portfolio grew by 12% to reach KD 7.3 billion, whereas the bank's market share of local financing increased to 12.14%.'
'The bank continues with the implementation of its 5-year strategy 'Boubyan 2028', which focuses on pursuing sustainable profitability and maintaining the adoption of digital transformation standards, innovation, and resilience as a key driver to improve operational efficiency. This aims to instill the values of the strategy across the Group and to ensure the growth of all concerned parties, including employees, customers, shareholders, and the community as a whole.', he added.
** Leaders of Quality Service for 15 Years in a Row
Al-Majed emphasized: 'Boubyan's management is constantly seeking to improve the quality of services and products to boost and enrich a banking experience based on quality, quick service, and attention to details. The bank sets its eyes on customer experience as a key pillar of its day-to-day operations to ensure catering for customers' needs and exceeding their expectations.'
Boubyan Bank has recently received the 'Best Islamic Bank in Customer Service' award for the year 2024, in addition to being honored with a special recognition for being named the 'Best Islamic Bank in Customer Service in Kuwait' for the 15th year in a row by Service Hero, the consumer-driven customer satisfaction index. This adds to the bank' growing leadership in excellence and overall banking experience, reflecting the bank's commitment to offering banking services that align with international standards.
In this context, Al-Majed pointed out: 'Boubyan is the only bank to have maintained this status for a decade-and-a-half long period, reflecting our constant and ongoing excellence. This gives credit to Boubyan's customer services which is not limited to mere daily interactions; rather, it is a complete experience that we are keen to improve constantly in line with the bank's culture, which believes that being customer-centric is the key pillar for offering the best.'
** Reinforcing Leadership and Improving Digital Financial Services
Boubyan Bank continues to reinforce its leadership in digital transformation based on a clear strategy that aims to redefine the concept of cutting-edge banking services. This direction has led to the constant growth and improvement of Boubyan App, which has become a complete digital banking platform that combines innovation and usability, while providing customers with a convenient and secure banking experience that caters for their daily needs, thus reinforcing the status of the bank as a leading institution in providing digital financial services locally and regionally.
Coinciding with the beginning of 2025, the launch of the Pro Salary Account was announced for new salaried customers employed by the public and private sectors, who are seeking to open a new salary account and to transfer their salaries to the bank. This emphasizes Boubyan's commitment to providing new, most innovative, and cutting-edge offerings, thereby strengthening its efforts towards enhancing an already exceptional banking experience that transcends the conventional meaning of banking as we know it in the banking services and products scene, thus reinforcing its leading status as an Islamic financial institution in the banking industry.
To continue rewarding its customers and improving its banking offerings to make them more unique and exceptional, Boubyan has launched the Boubyan Xperience campaign to give Visa credit and prepaid cardholders exceptional and unforgettable travel experiences.
Moreover, Nomo Bank has recently announced a new exceptional package of property finance solutions for residential or investment properties in the UK real estate market at competitive rates that cater for the needs of its GCC customers. What distinguishes these solutions the most is that they are fully digital and Sharia-compliant, in addition to combining good financial performance with well-studied diversification opportunities in a trusted investment environment.
The new rates from Nomo offer a great opportunity for purchasing or refinancing properties, with flexibility in selecting from finance solutions that suit various GCC customers' needs, whether for residential or investment purposes.
** Community Initiatives and Empowering Entrepreneurs
During Q1 of this year, Boubyan continued its community contributions and influential initiatives that support businesses and help them achieve sustained growth. This reinforced the bank's leadership as the 'World's Best Islamic Bank for CSR'.
During the Holy Month of Ramadan, Boubyan completed a program full of activities where each initiative stood out as a success story that enabled the bank to reach record numbers of engagements and interactions, which reflected the deep impact of those efforts. This year's initiatives included humanitarian activities, in addition to cultural and religious awareness activities in order to create an outstanding Ramadan experience that embodies the meanings of solidarity and showing mercy to one another, which all influenced the society.
In a step towards supporting the business environment in Kuwait and to boost the growth of SMEs, Boubyan Business Connect was organized to bring entrepreneurs among its customers under the same roof with a number of elite strategic partners in the field of financial & legal advisory, Fin-Tech, payment solutions, and others to help them build a strong network and create an integrated environment allowing for the exchange of expertise, exploring collaboration opportunities, and pushing innovation in the entrepreneurship's scene.
This initiative highlighted Boubyan Bank's keenness on offering support to startups' owners, while providing them with an integrated environment that supports the growth of their businesses, and opening new horizons for them for growth and expansion in the Kuwaiti market. Accordingly, it was more than a mere networking event; rather, it was a dynamic and engaging platform for increasing communication between entrepreneurs and experts.
** Enriching Human Resources
In line with its strategy that aims at investing in human capital, Boubyan continued strengthening its efforts to support and develop national cadres by ensuring the bank has an incentivizing work environment that fosters professional empowerment and ongoing growth.
The bank has been keen on implementing specialized training programs and professional workshops that aim at increasing the efficiency of staff and increasing their skillsets to keep up with the developments in the banking industry and meet the expectations of customers. Boubyan Bank believes that its human cadres are the key pillar for achieving sustained growth and reinforcing the status of the bank as a leading financial institution in the local and regional markets.
Highlights
1st Highlight
Why is Boubyan the best in customer service?
Boubyan's recognition by Service Hero was based on a group of criteria including a survey that extended over one year among consumers, who evaluated companies on a scale of 10 against their service-level expectations, their experience, and satisfaction following the customer-service experience.
The evaluation relied on many elements such as staff's attitude, location of the bank, speed of service, confidence in the product, quality of service or product, value for money, the contact center, and the website of the bank. Service Hero's survey implements a strict protocol to confirm the identity of consumers who take part in the survey.
2nd Highlight
Boubyan Bank's Contributions in Numbers throughout the Holy Month of Ramadan
More than 12,000 participants walked 180 million steps as part of Boubyan Steps Campaign.
More than 1,200 participants in the 11th 'Recite with Boubyan' Competition, and recognizing 30 winners who memorized the Glorious Qur'an by heart.
Distribution of more than 26,000 Iftar meals to the visitors of the Grand Mosque and various areas of Kuwait.
Distribution of more than 1,500 food baskets to needy families as part of 'Neamaty' Initiative.
Participation of more than 250 customers and employees in 'Boubyan Team of Volunteers'.
Offering hospitality to more than 50 mosques across various governorates of Kuwait.
50 customers benefitted from car-parking services at the parking lot of the bank's headquarters during Qiyam Prayers 'Night Prayers' at the Grand Mosque.
More than 900,000 participants in the 'One Minute Challenge' throughout the Holy Month, with more than 600,000 correct answers.
More than 100 female Premium customers attended Boubyan's Ghabga.
6,000 ladies and girls participated in Ramadan Diwaniya.
Attendance of more than 2,000 participants in 'Boubyan Gergean' at Shuwaikh Park.