WarbaBank

KUWAIT, August 2022:

Warba Bank announced its financial results for the first half ending on June 30, 2022, which indicates the Bank’s net profit of KD 11.876 million, which equals 4.44 Fils earnings per share, compared to profits amounting to KD 6.056 million that equals 2.14 Fils earnings per share in the first half of 2021, with an annual growth rate of 107.5%.

Warba Bank mentioned in a press statement that the total assets, as in the first half of this year 2022, grew by 13.2% on an annual basis, to reach KD 4.1 billion, and total shareholders' equity amounted to KD 290 million. Also the total financing portfolio reached KD 2.827 billion, and the total accounts of depositors reached KD 2.659 billion by the end of the first half of 2022. The total operating income amounted to KD 41.212 million, a growth of 2.2 percent. The balance of financing receivables rose to KD 2.827 billion, an increase of KD 353.17 million, and 14.3 percent.

Commenting on the Bank’s financial results, Chairman Hamad Musaed Al-Sayer said, “The strong financial performance of the Bank so far in 2022 reflects its financial solvency, quality and stability of its assets, and that the upward trajectory of most of the main financial indicators confirms the effectiveness of Warba Bank’s strategy and the success of its efforts, which focuses on sustainability, digitalization and human capital development”.

He added “The distinguished growth of Bank’s results at the end of the first half of 2022, which showed net profits, is a conclusive proof of the successful business model and solid financial foundations of “Warba” supported by a prudent and proactive strategy in diversifying sources of income and digital transformation”.

Al-Sayer stated that Warba Bank adopts a growth methodology based on innovation and continuous development in order to provide a high-level banking experience while maintaining healthy financial performance, adding that Warba Bank has embarked on a long-term transformation journey, through which it continues to enhance the level of its services and products, and this includes improving the entire client experience at every point of service, investing heavily in the digitization of its financial operations, and delivering smart and tailored solutions to meet ever-changing client needs.

Al-Sayer noted that after the local and global economy went through a period of instability and lack of clarity in the future vision, achieving such strong financial results is an important indicator of the success of Warba in dealing with these challenges, and its steady progress on the path of sustainable growth.

“This positive performance is due to the Bank’s strategic growth plans that are primarily based on providing a distinguished banking experience by providing the best banking solutions and services with the highest standards, and for this reason we continue to invest heavily in accelerating digitization in all of the Bank’s activities and operations and strengthening our technological infrastructure,” stressed Al-Sayer.

He explained that "Warba" maintained excellent rates in terms of return on assets, return on shareholders' equity, rationalization of expenses and maximizing profitability, improving asset quality indicators and coverage rates of bad debts from provisions, noting that the Bank's competitive performance resulted in attracting more clients and investors.

Al-Sayer stressed the move forward with digital transformation efforts and the introduction of unique digital financial solutions that exceed customers’ expectations, noting the pioneering role of “Warba” in leading Islamic finance, offering innovative products and services with a focus on improving the economic environment and supporting sustainability by promoting investment in sukuk.

Al-Sayer praised the pioneering role of Warba Bank, saying: “Warba Bank is keen to support and finance government development projects, and to provide a wide range of banking and financing solutions to individuals, companies and the Small and Medium Enterprises, as "Warba" provides a specialized banking department with that provides full financing services for this promising segment”.

Warba Bank CEO Shaheen Hamad Al-Ghanem said that the profits achieved for the first half of 2022 confirm that Warba is continuing its efforts to maximize profitability and return on shareholders' equity, maintain strong operational performance and continue focusing on the basic banking business, and expanding Investment and commercial activities in the primary and secondary capital markets.

He added that the data indicate that “Warba” will continue to improve profitability rates during 2022, supported by the increase in volume of business due to the recovery of local economy, as well as the increase of discount rate by the Central Bank of Kuwait.

Al-Ghanem continued, "We are pleased with the strong performance of Warba Bank in the first half of this year, as due to our strategy and continuous investments, we were able to achieve an excellent performance in the first half of this year, as we maintained steady growth in all key parameters. We remain focused on maintaining achieving strong returns for our shareholders through prudent financial management”.

“To support the long-term growth, we continue to invest in digital transformation, to create a modern and seamless experience for our clients. “Warba” enjoys creditworthiness, high liquidity ratios, and a diversified financing portfolio, which supports business growth, and increases the Bank’s financing and investment capabilities,” Al-Ghanem further said.

He pointed out that what has been achieved in recent years is the result of distinguished efforts of the work team at all levels and the success of the Bank’s strategy in achieving stable business growth and profitability with the ability to face all developments related to the market, and keep pace with banking developments, especially with regard to digital and technical services.

Al-Ghanem highlighted that this reflects the strength of Warba Bank brand and its growth in terms of individual and corporate services, with the rising and accelerating growth of the financing portfolio. It also reflects the strategic and financial importance of the Bank.

He also said that during the past two years, the Bank had proven the strength and success of the strategy it had pursued for years, which emphasized the Bank's strength and top ranking despite the high competition.

Al-Ghanem stated that during the second quarter of this year, Warba Bank launched many services and products, most notably opening the “Gold Account” through the Warba Bank application, which enables the client to buy and sell gold bars available in the application from the finest types of 24 karat gold with a purity of 999.9, through available gold prices according to the global market for each type of gold bars.

Al-Ghanem explained that, “Warba Bank continues to support and actively contribute to the “Let’s Be Aware” campaign, an awareness campaign initiated by the Central Bank of Kuwait and the Kuwait Banking Association, to shed light on clients’ rights, and educate them, with regard to dealing with banks, as part of its commitment to clients’ awareness on how to maintain their accounts and savings.

He also noted that Warba Bank is keen to carry out such campaigns and banking awareness programs, as it regularly presents these initiatives on social media, in addition to sending messages through the Warba Online application, emphasizing the commitment of Warba Bank to support sustainability at the societal and economic levels, in initiatives that are chosen and identified strategically for the benefit of the Bank in particular, and the country in general.