Warba grows its profits by 10.30% to KD 4.74 million in the first quarter of 2024

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Hamad Musaed Al-Sayer, Chairman, Warba Bank

Kuwait City, Apr 25: Warba Bank announced the achievement of financial results for the first three months of the current year ending on March 31, 2024. The results showed that the Bank achieved net profits amounting to KD 4.7 million, equivalent to 2.17 fils earnings per share, compared to profits amounting to KD 4.3 million, equivalent to 1.97 fils earnings per share, in the same period in 2023, with a growth rate of 10.3% and 10.2%, respectively.

All of the Bank’s main financial indicators witnessed an upward trajectory and remarkable growth, as the total equity of the Bank’s shareholders reached KD 318.8 million, as of the end of March of the current year, 2024, compared to KD 315.4 million, at the end of the previous year, 2023. The Bank’s total assets amounted to KD 4.9 billion, while the total financing portfolio amounted to KD 3.6 billion, compared to KD 3.5 billion, at the end of the previous year, 2023, with a growth rate of 3.9%. The total depositors’ accounts reached KD 2.9 billion as of March 31, 2024.

With regard to profitability indicators, net financing income grew in the first quarter of this year by 46.5%, reaching KD13.2 million. Net operating income also amounted to KD18.4 million for the first three months of this year, with a growth rate of 21.5%, compared to the same period of the previous year, and the cost to revenue ratio decreased to 53% compared to 56% in the first quarter of the previous year.

Chairman of Warba Bank, Hamad Musaed Al-Sayer, said that the results of the first quarter of 2024 indicate Warba Bank’s positive performance and its steady progress on the path of sustainable growth. This positive performance is due to the Bank’s strategic growth plans, which are based primarily on providing a distinguished banking experience by providing the best solutions and banking services with the highest standards. Pointing out that the good financial results achieved by Warba Bank confirm the flexibility of the Bank’s business model, its ability to adapt to various circumstances, and the unique position it enjoys among its clients and shareholders, which emphasizes its superior ability to continue and overcome difficulties, having the greatest credit for the Bank’s sustainable growth.

He continued, saying: “The growth in all Warba Bank’s financial indicators shows the continued success in implementing the strategic transformation plan, which it continues to develop continuously, and the growth of its market shares at the level of all client segments, both individuals and companies. Adding that the Bank continues to strengthen its position as a major and essential factor in the financial and banking sector in Kuwait, and its keenness to constantly develop the capabilities of employees by organizing training courses in partnership and cooperation with many leading specialized agencies and institutions at the local and regional levels.

Al-Sayer stated that the financial indicators achieved by the Bank confirm the efficiency and flexibility of the executive policies and procedures that helped the Bank develop its operations, confront the strong competition in the Kuwaiti banking market, and benefit from the opportunities available therein. They also reflect the strength and stability of the banking sector in Kuwait, and the strength of the Kuwaiti economy in general.

Al-Sayer said that Warba Bank has made progress in its comprehensive plan for digital development, which aims to automate the Bank’s products, services, and operations, by relying on infrastructure and technical expertise characterized by knowledge and creativity. The bank is continuing to develop its business through a high-quality technology environment with a focus on keeping pace with the rapid and growing development in the field of digital revolution.

Al-Sayer stated that Warba Bank continues its efforts to attract the best banking staff and provide all means of support to its human resources through an attractive work environment capable of business development, stressing that Warba Bank continues its efforts to maintain the highest levels of corporate governance and risk governance while maintaining a strong capital base and achieving maximum returns for shareholders on a sustainable basis.

At the conclusion of his statement, Al-Sayer thanked the Bank’s shareholders for the support they provided to the Bank. He also thanked the Bank’s valued clients for their constant loyalty, trust, and interaction with the services that the Bank provides to them and are more appropriate to life’s changes, especially digital banking services, with their ability and flexibility to meet their needs and aspirations.

He expressed his thanks and appreciation to the Bank’s executive management and all its employees for the sincerity and dedication they showed in their work, stressing Warba Bank’s pride in its human capital, which it considers the basic foundation for the Bank’s continued success and progress.

For his part, Warba Bank’s CEO, Shaheen Hamad Al-Ghanem, said: “We ended the first quarter of this year 2024 with good financial results, as we achieved strong growth in revenues and profits. The positive operating performance of our business as we continue utilizing from the benefits of our diversified business mix and our strategic investments in talent and technology.

Al-Ghanem pointed out that the operating environment in Kuwait continued to be stable in the first quarter of 2024, stressing that the Bank’s main business sectors achieved good performance in this quarter, in addition to recording more momentum in strategic areas that include wealth management, Pointing out that the Bank’s performance is based on prudent risk management and high credit quality, as it will benefit from these strengths throughout the fiscal year 2024 to create added value for its shareholders.

He stated that Warba Bank continues to invest in the future, enhanced its digital capabilities to better serve its customers, and has also launched innovative products and solutions that will help its clients meet their banking needs more easily.

Al-Ghanem said: “We have a proven track record of sustainable performance, and our focus is always on improving operational efficiency and working to manage capital levels prudently so that we are adequately prepared for any scenarios facing the global economy.”

Al-Ghanem stressed that the data indicate that Warba will continue to improve in profitability rates during the year 2024, supported by the increase in business volume, explaining that Warba Bank has creditworthiness, high liquidity ratios, and a diversified financing portfolio, which supports business growth and increases the Bank’s financing and investment capabilities.

Al-Ghanem noted that Warba Bank is continuing its advanced steps in implementing its flexible strategy in its quest to provide a distinctive banking experience that keeps pace with evolving market trends and achieves higher response rates commensurate with customers’ aspirations and growing requirements. In addition, Warba has not stopped investing in its digital infrastructure and adopting the latest banking technologies, as part of the efforts aimed at building a more advanced and sophisticated business model. These efforts resulted in the launch and adoption of new solutions that include innovative digital technologies that are in line with the rapid and successive changes in the local market and regional markets alike.

Significant numbers

  •  KD 13.2 million net financing income…a growth rate of 46.5%
  • KD18.4 million net operating income, a growth rate of 21.5%.
  • KD4.7 million net profit for the period, a growth rate of 10.3%
  • Finance receivables balances amounted to KD 3.6 billion.
  • Depositors’ accounts amounted to KD 2.9 billion.
  • Total assets amounted to KD 4.9 billion.

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