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Warba Bank, one of Kuwait’s leading Islamic financial institutions, announced its financial results for the first quarter of 2025, reflecting strong performance and sustainable growth. The results were driven by the Bank’s ambitious expansion strategy, ongoing investment in advanced technology, and a continued commitment to social responsibility, all guided by its vision to build a brighter future and commitment to its motto, “Let’s Own Tomorrow.”
Warba Bank recorded a 16.4% increase in net profit, reaching KD 5.5 million for Q1 2025, equivalent to 2.38 fils per share, compared to KD 4.7 million and 2.05 fils per share for the same period in 2024.
This growth was primarily supported by a significant 84.6% increase in net investment income, which rose to KD 4 million as of March 31, 2025, compared to KD 2.2 million in Q1 2024. Additionally, net fees and commissions increased by 60.2% to KD 2.5 million, compared to KD 1.6 million in Q1 of the previous year.
On the Bank’s key financial indicators, Warba recorded a 4.7% growth in total assets, reaching KD 5.5 billion, while customer deposit accounts rose by 6.7% to KD 3.4 billion as of March 31, 2025. Total shareholders’ equity increased to KD 345.3 million, up from KD 335.9 million at the end of 2024.
Commenting on the results, Chairman of Warba Bank Mr. Hamad Musaed Al-Sayer, stated: “Warba Bank continued to expand with impactful, strategic steps during the first quarter, reflecting our unwavering commitment to sustainable growth. Backed by an ambitious vision that balances operational advancement with adherence to Islamic Sharia, the Bank maintains its position as a stable and trusted Islamic banking institution. We reaffirm our belief that this deliberate and balanced approach will lead us to further achievements while strengthening the confidence of our customers and shareholders in our future direction.”
Al-Sayer continued: “We remain committed to upholding the highest standards of corporate governance and risk management, while focusing on enhancing operational efficiency and reaching the right balance between sustainable growth and regulatory compliance. This is achieved through maintaining a strong capital base that supports our expansion strategy and ensures the Bank’s resilience in navigating various economic challenges.”
Al-Sayer added that Warba Bank has positioned itself as a leader in offering innovative digital and investment solutions that comply with Islamic Sharia. This includes the successful closing of the subscription for the Warba Islamic Income Fund, the first of its kind in the market. The fund is Sharia-compliant and designed to offer attractive quarterly distributions to qualified professional investors over a five-year period, with a total size of USD 200 million.
As a result, the total assets under management (AUM) by Warba Bank have reached approximately USD 1.7 billion, reaffirming the Bank’s leading role in delivering diversified investment solutions that deliver attractive returns and lower risk. These solutions offer stable income through first degree secured financing to mid-sized private companies in the United States and Europe.
Additionally, Warba Bank successfully closed a USD 500 million senior unsecured Sukuk issuance on behalf of Sharjah Islamic Bank, achieving strong interest on both regional and global levels. Warba Bank acted as Joint Lead Manager and Joint Bookrunner alongside several other regional and international banks. The issuance attracted significant attention from investors across the global capital markets.
In a strategic step that aims to contribute to the advancement of Kuwait’s financial sector and promoting technological innovation in banking operations, Warba Bank held discussions during the period with the Kuwait Clearing Company to develop new solutions that leverage the latest in smart automation and digital transformation. These efforts aim to drive greater efficiency and effectiveness in financial settlement processes and introduce new services built on enhanced levels of security and international standards.
As part of its ongoing efforts to offer innovative digital financial solutions that enhance the customer experience, Warba Bank launched the GCC Unified Payment Service “AFAQ”, now available through its mobile app. The service enables customers to transfer funds easily and efficiently to GCC countries participating in the system, in local currencies, with competitive exchange rates and lower costs compared to traditional transfer methods.
Warba Bank also unveiled its 2025 Sanbula Account campaign, highlighting the evolution of the account since its launch in 2016 to become one of Kuwait’s leading savings accounts. This year, the bank is focusing on increasing the number of winners in Kuwait, offering over 1,000 winners annually and total prizes exceeding KD 4 million per year, reaffirming its commitment to rewarding saving customers.
On his part, Warba Bank Chief Executive Officer, Shaheen Hamad Al Ghanem, emphasized that the Bank’s ongoing success stems from several key factors, starting with its commitment to integrating sustainability across all aspects of its operations. The Bank has made notable progress in diversifying its income streams and strengthening its investment portfolio.
He said: “As the highest-rated Islamic bank in Kuwait in terms of Environmental, Social, and Governance (ESG) practices, we are proud to lead responsibly and contribute to building a more sustainable financial sector that enhances the well-being of society as a whole. And our efforts go beyond compliance. We had embedded sustainability within our strategy to drive positive transformation across our industry and community.”
Warba Bank continued to garner international accolades, reinforcing its position as a leader in Islamic finance and digital transformation. The Bank received seven prestigious awards, including six for financing transactions it arranged and managed, in addition to the title of “Best Digital Services by an Islamic Bank in Kuwait” from Islamic Finance News (IFN), a leading global media organization recognizing excellence and innovation in the Islamic finance sector.
Warba Bank was also awarded three Elite Quality Awards for sustainable direct payment practices by J.P. Morgan for the fifth consecutive year, in recognition of its exceptional performance in straight-through processing (STP) of USD and EUR transactions. The Bank achieved high success rates in processing direct payments for individuals and corporates, placing it among the select few banks in the Middle East and North Africa to receive this prestigious award for both client and interbank fund transfers.
On the sustainability front, Warba Bank received a positive ESG rating from the global rating agency S&P in 2024, with a five-point improvement over the previous year. This advancement positions Warba Bank as the leading Islamic bank in Kuwait in ESG performance and underscores its growing regional leadership in sustainable banking practices.
Al Ghanem affirmed that the Bank’s Q1 results are the outcome of a long-term vision, and a well-defined strategy aimed at building a strong and resilient banking future. He emphasized that the Bank’s investments, particularly in digital and technological advancement, are laying the groundwork for a new phase that solidifies Warba’s position as a trusted financial and investment partner, while reaffirming its commitment to delivering sustainable growth for its customers and shareholders.
He added: “We look to the future with confidence and determination. We believe in our potential and continue building the bank of tomorrow through innovative digital solutions and purpose-driven initiatives that reflect our responsibility to the community.”
As part of its commitment to reducing its carbon footprint and aligning with its sustainability goals across all operations, Warba Bank announced that it has doubled its efforts to offset the carbon emissions generated by employee business travel. The Bank successfully offset the equivalent of 120,000 kilograms of carbon emissions by financing several solar and wind energy projects across Africa, contributing to the development of sustainable energy through the continent’s natural resources.
This initiative is part of the Bank’s broader strategy, aligned with Kuwait Vision 2035 and global trends toward reducing emissions and achieving the United Nations Sustainable Development Goals (SDGs). Warba Bank directly supports three of these goals, including goal #7 for affordable and clean energy, goal #8 for decent work and economic growth, and goal #13 for climate action.
Believing that leadership goes beyond financial figures and indicators, and in line with its identity as an Islamic bank rooted in values and principles, Warba Bank announced the conclusion of its Ramadan campaign, “Spread Peace”, inspired by the prophetic hadith: "O people! Spread peace among you, feed (the poor and needy), offer prayer when others are asleep, and (you will) enter Paradise in peace.”
The campaign introduced a renewed vision of Ramadan initiatives, going beyond the traditional format to focus on positive social connection, guided by core pillars that combine religious values, community engagement and the promotion of peaceful coexistence.
In addition, the Bank launched its “Basma” campaign, in partnership with the Dabdoob platform, aiming to bring joy to the hearts of orphans by distributing Eid gifts, funded directly by Warba Bank through a 10% donation from the value of customer purchases made with Warba Visa cards during Ramadan.
Further affirming its commitment to social responsibility and environmental awareness, Warba Bank sponsored the Winter Environmental Campaign organized by Ocean Minded, a company specialized in marine environmental awareness. The campaign targeted children aged 7 to 14, aligning with the Bank’s strategy to promote environmental awareness at an early age and support broader social and environmental sustainability standards.
Warba Bank continues to invest in programs and initiatives that preserve cultural heritage and instill pride in Kuwait’s identity, reaffirming the values that connect the community. This approach is aligned with the Bank’s commitment to delivering innovative, Sharia-compliant banking services that meet the needs and aspirations of its customers.
Warba Bank has achieved significant success in a short period, positioning itself as a leader in Islamic digital banking services. It is one of the local banks with the largest number of shareholders, making it accessible and close to all segments of society. This milestone further reinforces Warba’s position as a trusted banking partner that combines innovation with social responsibility to deliver best-in-class financial services and products.
