Warba Bank announces profits of KD 12.1 mln in 9 months

KUWAIT, Warba Bank announced profits of KD 12.1 million (about USD 40 million) in the first nine months of 2019, with 4.8 fils profit per share, compared to KD 8.1 million in the same period in 2018.

The bank’s total revenues rose by 38 percent to reach KD 86.5 million, the bank’s Chairman Abdulwahab Al-Houti? said in a press statement on Monday.

Operating revenues hiked by 20 percent to reach KD 41.9 million in 2019, compared with KD 34.9 million in 2018, he added.

Total bank assets reached KD 3.08 billion, while the finance portfolio went up to KD 2.07 billion, with a growth rate of 43 percent, said Al-Houti.

On his part, Warba’s CEO Shaheen Al-Ghanim said the bank succeeded in achieving strongly positive results despite the economic challenges.

Meanwhile, he noted that Warba’s sukuk that were recently enlisted in NASDAQ Dubai stock market, saw a great success due to the market’s trust of the bank’s expansion strategy in investment, companies and banking retail sectors.

The bank was established in 2010 and was enlisted in Boursa Kuwait in 2013 with a capital of KD 150 million.

Source: Kuwait News Agency