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Warba Bank announced the quarterly financial results for the first nine months of this year, which ended on September 30, 2022, where the results showed achieving net profits for shareholders, amounting to KD15.6 million, with a growth rate of 70% compared to the same period of the previous year, and earnings per share amounted to 6.32 Fils for the first nine months of 2022 with a growth rate of 147% compared to the same period of the previous year.
The Bank stated in a press release that the net financing income rose in the nine months of 2022 to KD 36.8 million, a growth rate of 6.1%, compared to the same period of the previous year.
The balance of financing receivables rose on September 30, 2022 to KD 3.1 billion, an increase of KD 580 million, and an increase of 23.5% over the previous year 2021.
The Bank also achieved a remarkable growth in total assets, as the balance of total assets reached KD 4.165 billion at the end of the first nine months of 2022, an increase of KD 585 million or 16.3% over the previous year 2021.
The balance of depositors’ accounts for the first nine months amounted to KD 2.5 billion, an increase of KD 228.4 million, an increase of 10% over the previous year 2021. Shareholders’ equity amounted to KD 289 million on September 30, 2022, and the capital adequacy ratio reached 16.7%, exceeding the minimum required by regulatory authorities, which demonstrates the strength of Warba’s financial position.
Chairman of Warba Bank, Hamad M. Al-Sayer, commented on the financial results, saying: “The profits achieved for the first nine months of 2022 reflects Warba Bank’s strong position that allows benefiting from the continuous growth in the personal finance sector and the expected rise in awarding projects, adding that the Bank is continuing its efforts to maximize profitability and return on equity, and maintain strong operational performance.
Al-Sayer added that what distinguishes Warba Bank today is its shareholder base. The Bank has the largest shareholder segment in Kuwait from citizens, which motivates the Bank to continue towards excellence, while being keen to provide the best digital services that meet the aspirations and needs of clients.
Al-Sayer noted that “Warba” achieved strong financial results and growth in all the basic financial indicators during the first nine months of 2022, which reflects the prudence of the management, efficiency of the bank’s strategy, work methodology based on enhancing the prestigious position of “Warba” and providing services, products and financial solutions of the highest industry standards globally.
Al-Sayer pointed out that “Warba” maintained excellent rates with regard to return on assets and return on shareholders’ equity, rationalizing expenses and maximizing profitability, improving asset quality indicators and coverage rates of bad debts from provisions, noting that “Warba” has large liquidity ratios and a solid capital base that supports the growth of its business.
Al-Sayer stressed that the strong financial performance recorded by “Warba” during the previous period was behind the prominent positioning among local banks in several financial indicators. The Bank also proved during the previous period the success of its strategy in risk management in general, which helped Warba to expand the scope of treatments and develop treatment plans for any sudden challenges and to reduce the relative risks and exposures.
During the last period, Warba also adopted prudent conditions in financing, which contributed to enhancing the quality of the credit portfolio, which gives the Bank increased confidence in facing challenges and benefiting from future opportunities.
He added: "The Bank's strategy provides the bases for success for digital transformation, especially with the rapid development of the digital world and digital services, which is the strategy that the Bank is working on to provide best banking services to its clients."
He stated that "Warba" seeks to deepen its role in the small and medium enterprises sector and support the youth as one of the elements of sustainability and among the most prominent pillars of "Warba" strategy during the coming period, which as a result will enhance its leading position in the market.
Al-Sayer explained that Warba is working to increase its investments in technology by adopting the latest financial technology innovations and use it in banking transactions, in addition to excluding quality banking services across devices, which drives the digital development in the banking industry.
For his side, Chief Executive Officer of Warba Bank, Shaheen H. Al-Ghanem, said, “We ended the first nine months of this year with positive results, reflecting our plans to expand and increase our market share, explaining that the raising of main financial indicators proves the successful implementation of the Bank’s strategy of sustainability, digital transformation and human capital development.
Al-Ghanem stated that “Achieving such strong results shows that Warba is on the path to achieving sustainable growth and positive performance that provides added value to shareholders and a high-quality banking experience for clients.” He added, "Based on our strong commitment to strengthening the framework of sustainability and environmental and social governance, through practices and options that increase the positive impact on our society and environment, I believe that "Warba" will continue to progress towards excellence and achieve the specific goals of sustainable development."
Al-Ghanem noted that the positive economic outlook for Kuwait and the stronger operating environment were well reflected in the results of "Warba" and would provide a significant boost to the Bank's great strategic focus on the local market, with expectations of achieving sustainable growth rates. He pointed out that Warba Bank will continue to work on implementing its corporate strategy that focuses on diversifying the Bank's offerings and expanding its portfolio by investing in innovation, digitization and competent human resources, based on a solid financial base and stable assets. The positive financial performance of the Bank for the period ending on 30/9/2022 reflects the effectiveness of our strategic path in implementing its most important objectives of providing a high quality banking experience to clients and maintaining the Bank’s financial position to achieve greater value for our shareholders.”
Al-Ghanem stated that Warba Bank continued its support for the banking awareness campaign ‘Let’s be aware’ through activities of the social responsibility program and other special initiatives, and the Bank continues to implement its strategy that focuses on innovation and human capital development to prepare Kuwaiti staff to lead the banking sector in the future.
Al-Ghanem praised the pioneering social contributions of Warba, as the Bank contributed to many strategic community initiatives, as well as many environmental and sustainable initiatives, supporting youth, in addition to many other initiatives.
Al-Ghanem stressed the importance of Warba’s supporting and encouraging its employees, highlighting the recently launched initiative, which is the first of its kind, “Re’aya” program, to support talented employees to achieve their personal goals away from the career side, where a group of employees were selected and supported on both material and moral levels to achieve their ambitions, stressing that this comes within the efforts of the Warba Bank management to raise the standard of all employees, which will be positively reflected on the quality of products and customer services.
