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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 2017 1 Contents Board of Directors 4 Fatwa & Shari’a Supervisory Board 6 Executive Management 7 Chairman’s Message 8 Management Discussion and Analysis Report 13 Corporate Governance Report 18 Social Responsibity 35 Risk Management 37 Report of Fatwa & Shari’a Supervisory Board 66 Consolidated Financial Statements and 67 Independent Auditors’ Report 2 Boubyan Bank Annual Report 2017 H.H. Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah Emir of the State of Kuwait H.H. Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah Crown Prince H.H. Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah Prime Minister Boubyan Bank Annual Report 2017 3 Board of Directors Mahmoud Yousef Al-Fulaij Chairman Adel Abdul Wahab Al-Majed Vice-Chairman & Chief Executive Officer 4 Boubyan Bank Annual Report 2017 Abdulaziz Abdullah Al-Shaya Adnan Abdullah Al-Othman Ahmad Khalid Al-Humaizi Farid Soud Al-Fozan Board Member Board Member Board Member Board Member Hazim Ali Al-Mutairi Nasser Abdulaziz Al-Jallal Waleed Mishari Al-Hamad Board Member Board Member Board Member Boubyan Bank Annual Report 2017 5 Fatwa & Shari’a Supervisory Board Sheikh Dr. Sheikh Dr. Abdulaziz Khalifa Al-Qasar Esame Khalaf Al-Enezi Chairman Member/Reporter Sheikh Dr. Sheikh Dr. Mohammed Awad Al-Fuzaie Ali Ibrahim Al-Rashid Member Member 6 Boubyan Bank Annual Report 2017 Executive Management Adel Abdul Wahab Al-Majed Abdulla Al-Najran 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 Dr. Waleed Eisa Al-Hasawi General Manager General Manager General Manager Administration Group Human Resources Group Information Technology Group Ashraf Abdallah Sewilam Abdul Rahman Hamza Mansour Mohamed Ibrahim Ismail General Manager General Manager General Manager Corporate Banking Group Internal Audit Financial Control Group Rajeev Anant Kale Mukkulam Jamal Jaffar General Manager Deputy General Manager Banking Operations Group Treasury Services Boubyan Bank Annual Report 2017 7 Chairman’s Message By the Grace of Allah, the Almighty, Boubyan Bank has successfully achieved a commendable performance and remarkable financial results during 2017 in line with the business plans and the strategic vision of the Bank, along with leading in innovative digital banking products and services in the Kuwaiti market. 8 Boubyan Bank Annual Report 2017 On behalf of the Board of Directors and the Executive Management of the Bank, I am pleased to present the Annual Report of 2017, which includes the financial statements and a summary of the Bank’s activities during the year, including achievements and successes at various levels. Remarkable Performance Boubyan Bank maintained the growth momentum in Based on the financial performance of the year ended earnings, with a net profit growth at a rate of 16% December 31st, 2017, the Board of Directors proposed in 2017. The net profit of the Bank amounted to the distribution of cash dividends of 7% per nominal KD 47.6 million compared with KD 41.1 million in 2016, share value (7 Fils per share) and bonus shares of 5% with earnings per share with 18.71 Fils compared with (5 shares for each 100 shares). Furthermore, the Board 16.94 Fils for the previous year. of Directors proposed a board remuneration of KD 360 thousands for 2017 similar to the previous year. It is worth mentioning that the growth in profitability of the Bank is mainly attributed to the success With regard to the market share, our share in local bestowed by Allah, the Almighty, upon us as well as finance increased to reach approximately 7.9% the confidence of the shareholders and customers in compared to 7.2% for the previous year, while the the Bank, and the efforts exerted by the employees share of the retail finance increased to reach more and their unwavering dedication and keenness on than 10.5%. delivering the highest service levels to customers. This success is driven as well by the innovation and Innovative Technology Services and Products creativity, which have been adopted by the Bank Since creativity and innovation are primary pillars in since launching the first 5-year strategy in 2010, and Boubyan’s business model, we focused in 2017 on continuing the same strategy as a part of the second banking innovation by providing the customers with 5-year strategy of 2020. new and unique digital banking services to facilitate their life and offering them with alternative channels Most of the Bank’s indicators witnessed a remarkable that are available 24/7 to meet their banking needs. growth during 2017 where the total assets increased to approximately KD 4 billion at a growth rate of 14% Accordingly, Boubyan Bank introduced in 2017 a set of while the operational revenues increased to reach innovative digital and electronic products and services KD 125.6 million with a growth rate of 22% in addition for the first time in the Kuwaiti market, such as UTap to the increase in the deposits of customers by 15% to service, ATM card issuing service, and Murabaha Digital reach KD 3.4 billion. service. Furthermore, the total equity of the Bank increased to KD 375 million from KD 345 million last year, and there was an increase in the financing portfolio to reach KD 2.9 billion at a growth rate of 14% in line with the steady growth of the customer base of the Bank. Boubyan Bank Annual Report 2017 9 Chairman’s Message As a leading initiative, Boubyan Bank established Boubyan Bank successfully achieved a milestone of a Digital Innovation Center to support the its geographical expansion by having 40 branches, implementation of agile methodology to provide where we opened 3 new branches during 2017. innovative leading technology services. The Center In conjunction, the Bank expanded the network of augments transforming the vivid innovative concepts Boubyan Direct by having 23 machines, working 24/7 in the pipeline into reality and success stories. and spread all over Kuwait. This strategy has crowned the Bank with many Distinguished Corporate Banking Services achievements such as being “The Global Winner” of Boubyan Bank is aspiring to be “the First Choice and the “World’s Best Islamic Digital Bank” Award for the the Preferred Bank for Corporate Banking”. Hence, we third year in a row in the field of e-banking “digital” succeeded in launching remarkable and innovative services from Global Finance for the year 2017. e-products and services, which we introduced for the first time to the local corporate sector in response to Best Customer Experience Retail Banking the Bank’s aspiration to meet all the banking needs and In addition to leading innovative banking products and requirements in line with the principles of the Noble services in the local market, Boubyan Bank focused Islamic Shari’ah. We have accelerated the technological on the customer experience and customer centric by developments in this regard in 2017, as reflected in continuously upgrading the level of services offered the Corporate Online Banking and Corporate Mobile to the customers and unifying all the communication Application. with the customers through all the channels. The Corporate Banking Group enjoys strong Hence, we managed to stay as the best bank in Kuwait relationships with a number of active national Banking Industry in the field of customer service. This companies while targeting performing businesses is evidenced by the recent accomplishments, whereby in various productive economic sectors in order to the Bank won from the “Service Hero” the award provide the best banking services. The corporate for the “Best Islamic Bank in Service Level Across structured finance team had splendidly succeeded Kuwait” for 7 years in a row and the award for the during the year as Initial Mandate Lead Arranger and “Best Service Level in Kuwait Among All the Business Book Runner on several high profile Islamic deals in the Segments” in 2017. Such awards reiterate our Bank’s region. superb competitive abilities to provide customers with the highest level of services and the best products in The Corporate Banking Group managed to achieve the Kuwaiti market. remarkable growth in its credit portfolio, with a growth rate of 16.3% during 2017. We have achieved this Furthermore, Boubyan Bank was keen to launch new growth by attracting a number of companies known for products such as the “Graduation Account” designed their financial and economic creditworthiness, without especially to encourage customers to save money for compromising the highest credit quality standards and their children education in an innovative and unique at the same time reviewing and diversifying risks. It way in cooperation with Boubyan Takaful. We targeted is worth mentioning that the growth achieved during as well the salary mass segment by developing a special 2017 was made through diversifying the financing to package offering the customers with customized various economic sectors, while giving a preference benefits and features, which suit their various needs to aviation, oil, education and other services, as well and life styles. as maintaining the quality of assets as per the best banking risk management practices. 10 Boubyan Bank Annual Report 2017 Young and Ambitious Human Resources Boubyan Bank gives a special attention to its human The Bank’s social responsibility emanates from the resources as a part of the Bank’s strategy for being fact that it is a bank operating in compliance with the a modern bank, which keeps up with international principles of the Noble Islamic Shari’ah, and based on and regional developments through our young the spirit of Islam that enjoins cooperation, selflessness management team.
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