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Annual Report Annual Report In the Name of Allah, Most Gracious, Most Merciful “Verily, Allah is the All-Provider, Possessor of Power, the Mighty” Allah the Almighty speaks the truth Boubyan Bank | Annual Report 2019 1 Contents Board of Directors 4 Shari’a Supervisory Board 5 Executive Management 6 Chairman’s Message 7 Management Discussion and Analysis Report 13 Governance Report 18 Social Responsibility 35 Risk Management 37 Report of Shari’a Supervisory Board 66 Consolidated Financial Statements and Independent Auditors’ Report 67 2 Boubyan Bank | Annual Report 2019 H.H. Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah Amir of the State of Kuwait H.H. Sheikh H.H. Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah Sabah Khaled Al-Hamad Al-Sabah Crown Prince Prime Minister Boubyan Bank | Annual Report 2019 3 Board of Directors Mahmoud Yousef Al-Fulaij Adel Abdul Wahab Al-Majed Chairman Vice-Chairman & Chief Executive Officer Abdulaziz Abdullah Al-Shaya Adnan Abdullah Al-Othman Hazim Ali Al-Mutairi Mohamed Yousef Al-Saqer Board Member Board Member Board Member Board Member Waleed Mishari Al-Hamad Waleed Ibrahim Al-Asfour Waleed Abdullah Al-Houti Board Member Board Member Board Member 4 Boubyan Bank | Annual Report 2019 Shari’a Supervisory Board Sheikh Dr. Sheikh Dr. Sheikh Dr. Sheikh Dr. Abdulaziz Khalifa Al-Qasar Esame Khalaf Al-Enezi Mohammed Awad Al-Fuzaie Ali Ibrahim Al-Rashid Chairman Member/Reporter Member Member Boubyan Bank | Annual Report 2019 5 Executive Management Adel Abdul Wahab Al-Majed Abdullah Abdul Kareem Al-Tuwaijri Abdul-Salam Mohammed Al-Saleh Vice-Chairman & Deputy Chief Executive Officer Deputy Chief Executive Officer Chief Executive Officer Waleed Khalid Al-Yaqout Adel Abdullah Al-Hammad Abdullah Ahmed Al-Mehri Group General Manager Group General Manager Chief Operations Officer Administration Group Human Resources Group Ashraf Abdallah Sewilam Neven Raic Abdul Rahman Hamza Mansour Group General Manager Group General Manager Chief Internal Auditor Corporate Banking Group Consumer Banking Group Internal Audit Group Mohamed Ibrahim Ismail Maged George Fanous Adel Rashed Al-Mutairi Group General Manager Chief Risk Officer Treasurer Financial Control Group Risk Management Group Treasury Group 6 Boubyan Bank | Annual Report 2019 Chairman’s Message Boubyan Bank | Annual Report 2019 7 Chairman’s Message By the Grace of Allah, the Almighty, Boubyan Bank Furthermore, the total equity of the Bank increased to successfully maintained the steady growth, and KD 575 million from KD 408 million last year, along remarkable financial and operational achievements with an increase in the financing portfolio to reach during 2019 in line with the business plan and strategic KD 3.73 billion at a growth rate of 14% in line with vision, along with paving the ground for the new the steady growth of the Bank’s customer base. phase of Boubyan business models in digital banking in the local market, and the expansion internationally. Based on the financial performance of the year ended December 31, 2019, the Board of Directors proposed Therefor, I am pleased to present the Annual Report of a distribution of cash dividends of 9% per nominal Boubyan Bank for year 2019 on behalf of the Board of share value (9 Fils per share) and 5% in bonus shares Directors and the Executive Management of Boubyan (5 shares for each 100 shares). Furthermore, the Bank, which encompasses the financial statements Board of Directors proposed a board remuneration of and a highlight of the Bank’s activities and numerous KD 450 thousand for 2019 compared to KD 360 accomplishments during the year. thousand for the previous year. Remarkable Financial Achievements With regard to the market share, our share in local Boubyan Bank has maintained the growth momentum finance increased to reach approximately 9.31% in earnings, with a net profit growth at a rate of 12% compared to 8.57% by the end of previous year, while in 2019. The net profit of the Bank amounted to the share of the retail finance increased to exceed KD 62.6 million compared to KD 56.1 million in 2018, 13%. with earnings per share of 20.4 Fils compared to 19.2 Fils for the previous year. The Third Five-Year Strategy The Bank’s third five-year strategy is currently It is worth mentioning that the growth in profitability underway – “Boubyan 2023” which builds on of the Bank is mainly attributed to the success the Group’s robust domestic foundations while bestowed by Allah, the Almighty, upon us as well as strengthening its international presence to sustain the confidence of the shareholders and customers in growth by moving into “steady-state” growth thereby the Bank, and the efforts exerted by the employees building on the business platform established since and their unwavering dedication and keenness on 2010. The Bank’s short-term strategy is to: delivering the highest service levels to customers. • Continue innovating its product service offering to This success is driven further by the innovation and enhance customer experience. creativity, which are rooted in our business strategies. • Maximize operational efficiency. • Become an Islamic banking leader in Kuwait. Most of the Bank’s indicators witnessed a growth during 2019 where total assets increased to approximately KD 5.3 billion at a growth rate of 22%, and operational revenues increased to reach KD 145.8 million with a growth rate of 4% in addition to the increase in customer deposits by 17% to reach KD 4.35 billion. 8 Boubyan Bank | Annual Report 2019 The Bank’s long-term strategy aims to expand its Leadership in Innovation & Creativity core business by growing its market share across During this year, we have launched a new version of various segments and products while continuing to our mobile banking application, containing state of introduce innovative channels and developing wealth the art technology for the safety and convenience of management and new digital banking platforms. our customers. The new mobile banking application offers a much more advanced customer experience Solid Capital Base with friendly interface. We have also sharpened our In line with our capital management plan to maintain innovation efforts, adopting agile methodology and solid capital base, we successfully completed in May delivering a number of ‘First-in-Kuwait’ products for 2019 the capital increase by 15% through the right our customers, thus advancing the banking industry issuance of approximately 376 million new shares. in Kuwait and delighting our customers with new, This issuance was well received by our shareholders advanced and easy to use products. as evidenced in the heavy oversubscriptions reaching more than 522% of issued shares. As of 31 December Such new products include, but they not limited to: 2019, the capital adequacy ratio of Boubyan Bank • First digital virtual credit card with ‘Tap’ payment for reached 20.3%. android phone users, with full digital journey from application till card activation, within few clicks, Supreme Retail Banking Services where eligible customers can create their new cards While we celebrated our 15th year, we have achieved within one minute. during this year significant milestones in our stride • First digital end-to-end requests for credit cards and to perfection. Guided by the Boubyan Bank’s natural delivery through ATMs/ITMs as another service that DNA, our creativity, innovation and resilience have allows our customers to issue new cards from their pushed the market and ourselves to develop new mobile phones and receive an actual card through products, improve our services and systems to create our ATMs/ITMs at any time of their convenience, the most reliable and advanced banking experience to without referring to their branch or being limited our customers. with operating hours. • First metal card with contactless feature, a new Pioneer in Customer Satisfaction card that represents evolution in card design and In our relentless focus on customer services, to excel functionality. in every product digital or traditional, the customers • Extending Kuwait’s first Chatbot (Msa3ed, launched rewarded our efforts by voting us the best bank in in 2018) to the popularly used “Whatsapp” customer service. Boubyan Bank won the First Place application for quick customer enquiries. Award in Customer Service Country Winner for the 4th year in a row in addition to the Best Islamic Bank in Customer Service Award for the 9th year in a row from Service Hero. These results reflect our primary commitment to customer service, which remains our utmost competitive advantage and our most key performance measure. Boubyan Bank | Annual Report 2019 9 Chairman’s Message We have implemented Robotic Process Automation The Corporate Banking Group is consistently growing technology to increase efficiency and develop a ‘Fin- its financing portfolio with an average annual growth tech ready’ information systems and capabilities. The by 15% over the past three years, despite the meticulously planned and exceptionally executed significant competition in the Kuwaiti Market, where efforts were recognized with numerous awards that we achieved onboarding primary clients on a selective marked another milestone in Boubyan’s journey of basis according to their commercial credentials. success. In 2019, Boubyan Bank won from Global Finance the “Best Islamic Digital Bank” Award in The Corporate Banking Group maintained and Middle East and Kuwait, and the “Best Innovative enhanced the portfolio quality by focusing more on Digital Bank” Award in the world. active sectors within the market, such as services, oil, and trading, along with adopting the best practices Active Expansion in banking risk management, which has improved Being available, near and ready to serve our its market share to reach 8.1%. This has resulted customers remains our top priority. We have further primarily from adopting a new market strategy, which strengthened our customer contact to ensure we win focuses more on main sectors.
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