Boubyan Bank is among the top 100 in the Middle East

According to the Forbes world list

The bank was able to occupy an excellent position locally in a short period of time thanks to its leading work team

Investing in digital services, leading customer service, and national frameworks … the secret to the bank’s success

Al-Majed and his team have managed to bring the bank to the highest levels of performance and achieve continuous growth

Boubyan Bank has joined the list of the 100 largest companies in the Middle East within the annual list of Forbes International magazine for the 100 largest companies in the Middle East region, giving the bank a decade of achievements and successes crowned it to the top of the Kuwaiti banking sector.

This achievement is added to the bank’s executive team led by Adel Al-Majed, Vice President and CEO of Boubyan Bank Group, who was able to achieve successive successes that threw the bank’s numbers to record levels.

This list, prepared annually by Forbes International, was developed based on a set of financial criteria, in particular market value, sales, total assets and net profit for the year 2021.

** Growth of financial indicators

Boubyan’s arrival on this list and his entry into the top 100 is considered an important achievement for the bank, especially when we consider the position in which the bank was ten years ago as one of the small banks locally and its gradual rise until it locally reaches the third position.

All of the bank’s key indicators point to the results of the efforts made by Al-Majed and his team, which appeared rapidly at the end of 2010, and after less than two years of transformation, the bank’s financing portfolio increased by 73%. from $ 1.6 billion in 2008 to $ 2.7 billion in 2010.

During this period (2010 to 2021), the retail financing portfolio, which represented a modest percentage of the financing portfolio in 2008, became 42% of the financing portfolio and reached $ 7.9 billion in 2021 (a 3-fold increase over 7 years at a compound annual rate of 17%), while corporate finance more than doubled from 2008 to 2021 to $ 10.8 billion.

The composition of the financing portfolio has also changed, with financial institutions (excluding banks) accounting for less than 4% of the total portfolio in 2015 of 46% in 2008.

In 2010, the bank generated a net profit of $ 20 million despite a net loss of $ 171 million in the previous year and during the period from 2010 to 2021, the bank’s net profit at a compound annual rate of 21% increased to reach $ 106 million. in 2021.

The bank’s assets amounted to $ 24 billion in 2021, up from $ 4.4 billion in 2010, at a compound annual rate of 17%, and non-performing loans stabilized at 1% of total impaired loans in 2021.

The bank has reaped the rewards of focusing on service, as it has consistently achieved the highest levels of customer satisfaction in Kuwait, culminating in the Service Islamic Award for Best Islamic Bank in Customer Service Award for 12 years.

** External extension and Nomo Bank

Boubyan Bank succeeded in acquiring the Bank of London and the Middle East in 2020, in which it currently owns 71% of the shares. Then came Boubyan Bank’s announcement of the launch of its new brand, Nomo Bank entirely Kuwait and the United Kingdom as London’s first global Islamic digital bank with the ability to offer Its services are available to everyone, whether Boubyan customers or others.

The bank aims to become the Islamic bank of choice for GCC clients in the UK, as a set of key principles set out within the bank’s transformation strategy after the acquisition, including building a sustainable customer-focused brand that aligns is with Boubyan Bank Group.

** Digital Creativity Center

Realizing the bank’s success in attracting the millennial generation that loves everything digital, Boubyan focused on technology as a point that could give it a competitive edge, and in 2015, the team decided to embrace this feature institutionalized by starting the Boubyan Center for Digital Creativity. .

It took the bank 18 months to move from an all-in-one IT model to the creation of two separate business units where the IT team oversees the technical components and devices while the Digital Innovation Center acts as a digital factory operates with teams handling different platforms.

The bank has in recent years retained the title of the best Islamic bank in the world in the field of banking services, an award it received from Global Finance due to its achievements in this field.

For the award of this award to the bank, the institution is based on a set of criteria, the most important of which is the strength of the strategy set by the bank to attract and serve customers who want to acquire digital banking services and motivate customers and entice to switch. to use digital banking.

This is in addition to the growth of the customer base that uses digital banking in all its channels, whether online or smartphones, with creativity and innovation in providing leading-edge banking and non-banking services through digital channels.

While only 1% of the total number of Kuwait in 2009 transferred their salaries to Boubyan Bank, this percentage currently reaches 27%, and thus the bank has become very close to the two top banks in Kuwait, and this percentage is mostly from the youth. category, noting that 50% of university students and the Public Authority for Applied Education have accounts in Boubyan Bank.

In terms of market share, the bank’s percentage increased from 1% in 2009 to 11% of local funding in general in 2021, while its share in retail financing increased by 16% to become the third Boubyan Bank at the level of local banks in terms of asset size and market share.

Project Finance

Boubyan Bank not only demonstrated its superiority and ability to compete in retail banking services, but was also able to confirm its strong presence in the field of financing projects and companies of all sizes, and providing digital solutions for them.

In recent years, the focus has been on the large and medium-sized companies sector, then later expanded to small companies, with the aim of financing the productive development and operating sectors in all sectors.

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