Boubyan Bank announced that it achieved net profits in 2022 amounting to 57.8 million Kuwaiti dinars, with a growth rate of 19% and earnings per share of 14.2 fils, with a recommendation to distribute 6 fils in cash and 6% bonus shares, at a time when the bank continued its precautionary policy by making provisions of 43.6 million Kuwaiti dinars .
According to Boubyan Bank’s statement, which was seen by Namazon, Chairman of the Board Abdulaziz Abdullah Al-Shaya said, commenting on this, that we were able to achieve outstanding results during the year 2022 despite the local and global challenges that affected the performance of banks and business sectors in general.
Al-Shaya indicated that all of Boubyan Bank's main indicators witnessed a remarkable growth in the year 2022, as the total combined assets of the Boubyan Bank group increased to KD 7.9 billion, with a growth rate of 7%. Likewise, total customer deposits amounted to KD 6 billion, with a growth rate of 6%, while the financing portfolio amounted to KD 5.9 billion, with a growth rate of 7%, and operating revenues amounted to KD 201 million, with a growth rate of 7%.
Al-Shaya affirmed the full and continuous support of the Board of Directors for the efforts of the executive management of the bank, which is characterized by high professionalism, appreciating its efforts in order to achieve good results, which would not have been possible without the sincere efforts of the management and all employees of Boubyan Bank.
For his part, Deputy Chairman and CEO of Boubyan Bank Group, Adel Abdel-Wahhab Al-Majed, said that the past year witnessed many achievements and successes achieved by the bank, as a continuation of its plans for more local expansion and launching regionally and globally.
Al-Majed confirmed that Boubyan Bank's market share and its continuous growth reflects the high levels of customer service and technological excellence, and this is a reflection of the bank's clear strategy, the professionalism of the executive team, the continuous investment in the bank's human resources, and the focus on the national element.
He referred to the achievements of Boubyan Bank during the year 2022 and its obtaining a set of awards from well-known international and regional bodies and institutions, in addition to the constant improvement in its credit ratings from international rating institutions, which reflect its positive role and distinguished contributions in various fields of the Islamic banking industry.
During the past year, Boubyan Bank achieved an important achievement by obtaining a credit rating upgrade by Moody’s and Standard & Poor’s, as the bank’s long-term credit rating was raised to (A2) and (A) respectively, which are the ratings that placed Boubyan at the forefront of local banks rated by Before the Standard & Poor's credit agency and at the forefront of all Islamic banks in Kuwait and the second at the level of all local banks rated by the other two agencies, Moody's and Fitch.
