Warba Bank reported a net wth of 633% to reach for the first half of 2015 com- KD43,000 for the first six 2014. Total income grew by ach KD 11.17 million. The ating performance was supall business units within the bank’s balance sheet was furthened by strong operating ich has increased by 23% to illion at the end of the first 5 compared to KD 6.145 milthe same period in 2014. ne 30, 2015, Warba Bank’s increased 30% to reach KD n as a result of the bank’s geographical expansion stratand regional markets, cominvestments in low-risk and y assets. The bank’s financing s also showed an impressive 50% to reach KD 457 million o the first half of 2014.
This bank’s default finances ratio 24%, which is considered lowest in the local banking bank’s coverage ratio reached end of the first half of 2015. nting on the results, Emad A Chairman, Warba Bank said: ased to deliver another set of ncial results. The impressive profits and operational revte a tough competitive envirther validate Warba Bank’s nce sheet supported by asset tal and liquidity” “The bank’s plans combined with intronnovative banking proposied strong foundation for the cial performance for the first ear.” er deposits have increased ng KD 547 million in the first ares to the same period in D 402 million. In the past few bank has introduced a series e banking products and serving the Investment Saving ary Transfer Account in addiiduals and Shariah compliant corporate financing products such as Qard Hasan, Murabaha Express, and Mosawama. Warba Bank has been committed to the requirements of maintaining good safe investments and credit portfolios and the net financing revenue has increased to KD 5.5 million compared to KD 4 million for the same period in 2014, representing a growth of 38%.
In the second quarter of this year, Warba Bank was mandated by Garuda Indonesia, Indonesia’s flag carrier, as Joint Lead Manager and Joint Book Runner for its inaugural international Sukuk issue valued at USD 500 million. Warba Bank also contributed in leasing aircrafts for Kuwait Airways, in addition to acquiring an auto finance portfolio from Al Mulla International Finance Company KSCC through a deal reaching KD 20 million which is a part of Warba’s strategy in plans of expansion in the local and regional market.
Al Thaqeb added “Warba bank is very keen on its solid financial platform and the quality of its assets and it works to seizing investment opportunities that are suitable with low investment risks and can achieve strong returns which will support the future growth of the bank whilst enhancing its competitive ability and increase its share in the Islamic banking market which is witnessing a rapid popularity and strong competition locally and regionally.” Jassar Al Jassar, Vice Chairman & Chief Executive Officer, Warba Bank said: “We will continue to grow through our investments and successful banking policy which projects positively on performance indicators among the outstanding 50% increase in its financing portfolio reaching KD 457 million compared to KD 304 million for the same period in 2014 with a decrease in the default finances which has reached 0.24%.
Warba Bank aims at increasing its financing portfolio market share through working continuously towards developing and innovating financing products that are Shariah complaint and fulfill the requirement of customers while easing their financial burdens. In addition to the bank making customers feel special with the high privileges credit cards which provide customer a lot of benefits and advanced services.” Jassar added: “Warba Bank has succeeded in diversifying the sources of income and growing its operational revenue through focusing on the various sectors of the bank including investment, treasury, corporate finance and planning, risk and group operations and group banking and information technology while paying attention to customers and satisfying their needs through the widespread network of branches across all provinces.
It has sophisticated network of ATM machines and has developed electronic banking services through the internet and smart devices – paying more attention to the role of the call centers and the development of its performance to ensure the best standards of services for customers in addition to investing in human resources through attracting special national calibers and training them and increasing their ability through specialized advanced training program that is in line with the highest international standard.” Warba Bank has an ambitious expansion growth strategy and achieves growth through the application of best practices in the banking sector. We will continue to roll out innovative propositions in the conventional space and also Islamic finance, with a strong focus supported by its strong investment banking arm.
The bank will continue to seek for new promising opportunities while maintaining the asset quality in the scope of sound governance and risk management practices to ensure the bank’s solvency and capital adequacy in accordance with Basel III regulations and the guidelines by Central Bank of Kuwait. Al-Jassar said: “We will continue, God willing, the implementation of the road map laid out in the new strategy and take advantage of positive growth opportunities in the region despite the falter in some markets as a result of the prevailing security situation, relying on key fundamental pillars to provide outstanding banking service to customers, and to build a high-performance institution, advancing the core business growth to continue playing a leading role and effective in pushing the development and evolution wheel in the Kuwaiti economy and market of Islamic banking specifically that records high demands in emerging markets, and we will work to enhance the share of Warba Bank in the years ahead and securing its status to be at the forefront Islamic banks operating in the region.”