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Boubyan Bank’s net profit surged by 20% in H1 2024. Operating profit reached KD 61 million and total assets grew by 11% to KD 8.9 billion.
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The bank continued to achieve milestones through its subsidiaries, such as Boubyan Capital and Boubyan Takaful Insurance.
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Boubyan received international awards and recognitions for innovation and digital banking.
Boubyan Bank has announced a substantial increase in its net profit for the first half of the year, reaching KD 50 million, a 20% rise compared to the previous year.
The bank’s operating profit for the same period stood at KD 61 million, with share earnings climbing, according to reports by Al-Qabas newspaper.
Strong financial performance
Commenting on the financial results, Vice Chairman and Group CEO Adel Al-Majed highlighted the robust financial indicators of Boubyan during H1 2024.
He emphasized, “The financial indicators of Boubyan during the first half of 2024 showed strong profitability, asset quality, liquidity ratios, and operational performance, resulting in a solid financial base and a flexible business model that adapts to the requirements of various business sectors.”
Al-Majed noted the key financial indicators, stating that the bank’s assets increased to KD 8.9 billion, an 11% growth from the previous year.
The financing portfolio grew by 10% to KD 6.7 billion, and operating revenues reached KD 121.4 million, an 11% increase. Boubyan’s market share in local financing rose to 11.7%.
Al-Majed attributed the bank’s success to its strategic focus on new markets with promising growth opportunities and profitable investment and financing for its investor and shareholder base.
He also highlighted the importance of digital innovation, effective liquidity management, and the positive reputation of the bank.
Future expansion
Discussing Boubyan’s future plans, Al-Majed explained, “With Boubyan’s 2028 strategy, we have initiated a comprehensive wealth management plan for the group, expanding investment solutions and discovering new markets to attract more wealth and manage it to provide the best for clients seeking investment opportunities.”
The strategy aligns with the bank’s environmental, social, and governance (ESG) objectives.
Boubyan Bank’s regional expansion efforts include establishing a subsidiary for the Bank of London and the Middle East (BLME) in Saudi Arabia, complementing its existing locations in London and Dubai to expand its customer base and offer innovative investment solutions.
Subsidiary companies’ achievements
Boubyan’s subsidiaries continued to achieve significant milestones in diversifying and developing products and services. Boubyan Capital, the bank’s investment arm, successfully launched three investment funds and increased its managed assets and client base.
The Boubyan Local and Gulf Equity Fund topped the list of leading investment equity funds in Kuwait.
Boubyan Takaful Insurance continued its sustainable progress, launching competitive new insurance solutions like the “Boubyan Drive” car insurance document for the first time in Kuwait, and completed the digital transformation of all individual products.
Awards and recognitions
In H1 2024, Boubyan Bank was awarded “Most Innovative Bank” and “Best Digital Banking Initiative” by MEED magazine.
The bank was also listed in Forbes’ annual list of the top 100 public companies in the Middle East for 2024, ranking third among local banks and 64th regionally.
Additionally, Boubyan ranked third locally and 49th regionally on MEED’s list of the top 100 companies in the Middle East and North Africa for 2024.
Human capital development
Boubyan Bank continued to support its human resources, achieving the highest national workforce ratio in the private sector at over 81%.
The bank also emphasized women’s empowerment, with 30% of its workforce being female, and many women holding leadership positions.
Dubai Tech Summit
Boubyan participated in the Dubai Fintech Summit, where CEO of Private, Personal, and Digital Banking Abdullah Al-Tuwaijri showcased the recent transformations and promising growth opportunities in the fintech sector.
Sustainability report
Boubyan Bank issued its fourth sustainability report for 2023, reflecting its commitment to sustainable practices and the integration of ESG principles into its corporate strategy. The report highlighted the bank’s initiatives toward creating a more inclusive and sustainable future for all.
