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Warba Bank achieves net profit of KD 43,000 in Q2 Bank’s assets reach KD 497 mln

KUWAIT CITY, July 22: Warba Bank has achieved net profit of KD 43,000 by the end of the second quarter 2014 compared to a loss of KD 2.141 million for the same period 2013. The financial statements indicate that the Bank has achieved operating revenues of KD 8 million by the end of the second quarter this year compared to KD 5 million for the same period in 2013 a tan increase of about 62.6 percent. Emad Al-Thaqeb, Board of Directors Chairman, said; “The Bank continues its strategy that aims at expanding the business base to provide excellent services to the Bank’s corporate and retail customers.

Within the same context during the first half of they ear at Jahra area, the Bank opened a new branch which is the largest in addition to a series of six other branches serving the Bank’s customers. Under the intense competition, the Bank targets presence at overseas markets by the arranging syndicated facilities that contribute to the diversification of the Bank’s profit resources and also representing new addition to syndicated finance process arranged by the Bank.
 
“During the first half of 2014, the Bank achieved several positive financial indicators of which the most significant are: the growth of total assets to KD 497 million compared to KD 344 million by the end of the first half of 2013 at a growth rate of 44 percent, while maintaining a high level of asset quality; customers’ deposits increased to KD 291 million compared to KD 182 million by the end of the first half of 2013 at an increase of 60 percent which clearly proves that the Bank has earned customers’ confidence. Given the business results, the profits earned before provisions amounted to KD 885,000 compared to a loss of KD 178,000 for the same period of the previous year. This illustrates the quality and diversity of the Bank’s assets portfolio and maintaining high growth rates despite the competitive pressures faced by the Bank.” added Al-Thaqeb. 
 
Jassar D. Al-Jassar, Vice-Chairman of the Board and Chief Executive Officer of Warba Bank, confirmed that the one of most positive indicators of Bank’s growing activities is the growth of the financing portfolio from KD 304 million at the end of the first half of 2014 compared to KD 156 million by the end of the first half of 2013, representing a growth rate of 95 percent.
 
Al-Jassar pointed out that in terms of risk management, the Bank enjoys a high degree of asset quality, where non-performing facilities represent only 0.26 percent, which is one of the best ratios compared with international rates. In addition, the capital adequacy ratio far exceeded the limits set by Basel and CBK instructions and guidelines. This indicates that the Bank enjoys strong and solid financial position that supports the future growth of the Bank’s business.
 
Further, Warba Bank won the award of “The Best New Bank in the Middle East” for 2014, according to the rating conducted by “Banker Middle East” magazine. This Award is added to the Bank’s previous successes and reflects its focus on developing and expanding its customers base, meeting their banking needs, and seizing new opportunities for growth in corporate and retail finance.”
 
“For Warba’s future, we remain confident that the Bank is well positioned to avail from future growth opportunities at both local and regional levels.” concluded Al-Jassar.

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