BOUBYAN BANK K.S.C.P. Annual Report
Towards perfection
Digital Copy
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 2023
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H.H. Sheikh
Mishal Al-AhmadAl-JaberAl-Sabah
Amir of the State of Kuwait
- Sheikh Mohammad Sabah Al-SalemAl-SabahPrime Minister
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Contents
Board of Directors
Sharia Supervisory Board
Executive Management
Chairman's Message
Management Discussion and Analysis Report
Governance Report
Environmental, Social, and Governance (ESG)
Summary
Social Responsibility
Risk Management
Report of the Sharia Supervisory Board
and External Sharia Auditor's Report
Consolidated Financial Statements and
Independent Auditors' Report
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Boubyan Bank | Annual Report 2023 | 3 |
Board of Directors
Abdulaziz Abdullah Dakheel Al-Shaya | Adel Abdul Wahab Al-Majed |
Chairman | Vice-Chairman & Group Chief Executive Officer |
Adnan Abdullah Al-Othman | Hazim Ali Al-Mutairi | Mohamed Yousef Al-Saqer | Waleed Mishari Al-Hamad |
Director | Director | Director | Director |
Fahad Ahmad Al-Fouzan | Khalid Ahmad Al-Mudhaf | Waleed Humoud Al-Ayadhi | Abdullah Saud Al-Bader |
Director | Independent Director | Independent Director | Independent Director |
Syed Imran Azhar | Ahmed Mohammad Al-Fahad |
Independent Director | General Manager & Secretary |
to the Board |
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Boubyan Bank | Annual Report 2023
Sharia Supervisory Board
Sheikh Dr. Abdulaziz Khalifa Al-Qasar | Sheikh Dr. Esam Khalaf Al-Enezi |
Chairman | Vice-Chairman |
of the Sharia Board | of the Sharia Board |
Sheikh Dr. Ali Ibrahim Al-Rashid | Sheikh Dr. Mohammed Awad Al-Fuzaie |
Member of | Member of |
the Sharia Board | the Sharia Board |
Boubyan Bank | Annual Report 2023
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Executive Management
Adel Abdul Wahab Al-Majed | Abdullah Abdulkareem Al-Tuwaijri | Abdul-Salam Mohammed Al-Saleh | Waleed Khalid Al-Yaqout |
Vice-Chairman & Group Chief | Chief Executive Officer - Consumer, | Chief Executive Officer - Corporate | Group General Manager |
Executive Officer | Private, and Digital Banking | Banking, Financial Control, Treasury, | Administration Group |
and Legal Affairs |
Abdullah Ahmed Al-Mehri | Adel Abdullah Al-Hammad | Abdullah Abdulmohsen Al-Mejhem | Ali Yousef Al-Ansari |
Chief Operating Officer | Group General Manager | Chief Private Banking | Group General Manager |
Human Resources Group | and Consumer Banking | Corporate Banking Group |
Mohamed Ibrahim Ismail | Noorah Sulaiman Al-Fassam | Abdullah Khalifa Al-Nusef | Abdullah Fahad Al-Khuzam |
Group General Manager | Chief Strategy Officer | Chief Data Officer | Chief Information Officer |
Financial Control Group |
Osama Mohammed Shehab | Adel Rashed Al-Mutairi | Mona Abdullatif Al-Duaij |
Chief Digital Officer | Treasurer - Treasury Group | Group Chief Compliance and |
Governance Officer |
Bushra Abdulwahab Al-Wazzan | Abdulaziz Fahad Al-Duwailah |
Chief Internal Audit | Head of Banking Operations Group |
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Boubyan Bank | Annual Report 2023
Chairman's Message
Praise be to Allah, the Almighty, and Peace and blessings be upon our Prophet Muhammad, his Folk, and Companions all.
Dear Valued Shareholders,
Peace and blessings be with you!
For myself and on behalf of my fellow members of the Board of Directors of Boubyan Group, it gives me great pleasure to place this 2023's Annual Report between your hands, which includes the consolidated financial statements and highlights on the financial performance of the bank, its strategic plans and goals, and most prominent achievements of the Group across many fronts in line the highest standards of transparency and governance.
The year 2023 witnessed weak growth and investment in the global economy, coupled with financial and credit weaknesses associated with the uptick in inflation and interest rate hikes along with the consequences represented in monetary policy tightening in addition to the rising geopolitical tensions and conflicts whose negative repercussions have affected the markets.
Despite these challenges and their consequences on the local market, Boubyan recorded solid growth and operational performance which was positively reflected through its financial performance across various indicators. This led to increased revenues and sustained profits for our shareholders, boosted by our flexible profits strategy against market risks and fluctuations.
Boubyan continued achieving goals and reaching milestones thanks to the solid pillars upon which the Group's vision and strategy are based. The Bank further completed its 5-year strategic plan "Boubyan 2023" started back in 2019, with the objective of positively transforming its business operations. The Group's achievements, successes, and expansions continued regionally and internationally, following a
well-tailored path that reinforced its exceptional and sustainable banking model, which is well-guided by governance and profitability at the same time.
Solid Financial Performance
Solid growth across all indicators, coupled with the sustained profits of the Group in 2023 have reinforced Boubyan's profitability and put it on the right sustainable track. Moreover, the bank's disciplined performance has helped achieve the best desired results across all business areas of the bank, leading it to record net profits of KD 80.4 million by the end of FY 2023, at a growth rate of 39%, compared with the same period of 2022.
The earnings per share amounted to 18.8 fils, compared with 13.4 in 2022, while the allocated provisions amounted to KD 31.7 million in 2023.
What makes the results of Boubyan more significant is its adoption of core business and profitability practices of the Group, which were significantly reinforced in 2023 compared with the past financial year, while maintaining an NPL percentage, which is considered one of the lowest locally.
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Boubyan Bank | Annual Report 2023
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Boubyan Bank KSCP published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2024 11:37:05 UTC.
