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The Chairman of Warba Bank, Hamad Musaed Al-Sayer, confirmed that Warba Bank has a strong asset base, solid creditworthiness and sustainable growth. Al-Sayer added in his statement during the General Assembly, which was held on March 20, 2023, with an attendance of 58.347%, that the future of Warba Bank is bright, through achieving sustainable success and the ability to seize opportunities when they are presented. As one of the distinguished banks in the banking sector in Kuwait, we invest in our employees and our ability to provide the personal service and support that our clients constantly praise, whether it is from small companies seeking capital to take their next steps, or serving the corporate sector as well as the commercial and industrial sectors in a way that fuels growth, or clients of real estate activities in providing them with the opportunity to buy homes and invest in them.
Al-Sayer explained that Warba Bank witnessed growth in the personal banking services and corporate banking services segments, and was able to maintain its share in the market, thanks to its continuous focus on providing distinguished and innovative banking services to clients in both segments, and to reach the Bank's goal in providing better retail service. He went on to emphasized that since creativity and innovation represent a fundamental pillar in Warba Bank's business model, we focused in 2022 on banking innovation by providing new and distinguished digital banking services to clients that facilitate their business and provide them with alternative channels around the clock to meet their banking needs. Thus, in 2022 we were able to offer a group of innovative digital and electronic banking services, most of which are offered for the first time in the Kuwaiti market.
He stated that the focus on youth and quality of service and technology are the reason behind the Bank's success. We follow this approach, and this strategy has not changed, pointing out that Warba Bank was able during the year 2022 to translate its vision and mission on the ground and reap the benefits of implementing the long-term plan approved by the board of directors, to diversify sources of profits, avoid risks, rationalize spending, and increase operating revenues from the main banking activities.
Al-Sayer reviewed the performance of Warba Bank, saying: “The performance of 2022 was outstanding for Warba Bank. The bank continued its profitability growth, achieving an increase in its profits by the end of 2022 by 21%, as its net profits amounted to KD 19.3 million, compared to KD 15.9 million in 2021, with earnings per share of 7.38 Fils, compared to 6.02 Fils.
He continued that the increase in profitability achieved despite the high competition in the banking sector is due to the confidence of the Bank's shareholders and clients and the diligence of all the Bank's employees, and their continuous keenness to achieve the highest levels of customer service supported by innovation and creativity that the bank has been keen on since the launch of its first five-year strategy in 2022.
Al-Sayer stated that the Bank's efforts led to achieving growth in all basic financial indicators, as we have maintained excellent rates with regard to return on assets and return on shareholders' equity, rationalization of expenses and maximization of profitability, and our proactive plans were able to improve indicators of asset quality, and rates of covering bad debts from provisions.
He stated that the total assets of Warba Bank rose to KD 4.2 billion, with a growth rate of 17.3%, and financing revenues increased to reach KD 129.3 million, with a growth rate of 35.5%. Our outstanding competitive performance attracted more clients and investors, and customer deposits increased during the year 2022 to KD 2.7 billion, which is about KD 386 million, with a growth rate of 16.8%.
Al-Sayer noted that the success of Warba Bank's continuous efforts in improving the economic environment, stimulating projects and achieving clients' aspirations, contributed to the increase in the financing portfolio to KD 3.13 billion, with a growth rate of 26.5%, in line with the continuous increase in the Bank's customer base.
He emphasized that Warba Bank is distinguished by its uniqueness in many special banking services and products, and was able to establish it positioning as one of the best institutions in the Kuwaiti private sector in customer service. Our Bank always seeks to enhance its customers’ reliance on the Bank’s digital channels in conducting their transactions, and encourage them to use electronic payment solutions, which has greatly contributed to increasing the rate of customer satisfaction, explaining that we at Warba Bank keep pace with the rapid and successive developments in today’s world, and the changes brought about by the digital revolution. Accordingly, "Warba" designed services and products that meet the needs of clients, express their aspirations and keep pace with their aspirations.
He stressed that Warba Bank continues its success in creating new ways to enhance the exceptional experience of its clients from various segments, and to give them added value that suits their lifestyle, and at the same time, it emphasizes its approach through which it seeks to communicate with its clients and serve them in the most accurate and simple matters that affect their daily life as a partner and not just a bank or financial institution.
Al-Sayer said that Warba Bank pays special attention to its human resources within its work as an advanced, modern bank that keeps pace with global and regional developments through its young management.
The Bank is giving young people a distinguished leadership role, especially with harnessing all the training and academic capabilities that give them unique opportunities to gain professional and great practical experiences compared to their age, in addition to the Bank’s success in recent years in creating many job opportunities for ambitious Kuwaiti youth through its expansion in providing its services to clients. He added that the human resources group in the Bank continued to focus on achieving a good rate of Kuwaitization and interest in developing national talents at a rate of more than 80% and highlighting our role and contribution to the Kuwaiti economy, as "Warba" is considered one of the most employers of Kuwaiti citizens.
He stated that Warba Bank was keen to implement the job succession plan to develop skills, while continuing to push towards Kuwaitis assuming middle management and executive management positions, and this supports the achievement of the goals of nationalizing workers in Warba Bank. This has led our Bank to assume an attractive position for Kuwaiti youth who wish to work in the private sector in general and the banking sector in particular, due to the positive work environment provided by the Bank to provide more creativity and innovation and unleash the young talents.
The General Assembly approved all items on the agenda, including the board of directors' recommendation to distribute 3% cash (3 Fils per share) and 3% bonus (3 shares for every 100 shares) to the shareholders registered in the Bank's records on the date of the General Assembly.
Warba Bank is committed to adopt proper and effective governance framework by applying the best standards of governance and risk management, upon which the bank relies in all its dealings in accordance with the provisions of Islamic Sharia. The Bank is successfully pursuing the modernization of the governance system in line with the requirements of the Central Bank of Kuwait and the governance procedures related to the banking sector
Al-Sayer said that Warba Bank pays special attention to its human resources within its work as an advanced, modern bank that keeps pace with global and regional developments through its young management.
In support of Warba Bank for the awareness efforts of the Central Bank of Kuwait during 2022, the Bank continued its support for the Diraya campaign (Let's Be Aware) for banking awareness through the activities of the social responsibility program and other special initiatives. This is based on the important role played by local banks in raising awareness of various banking activities and operations that they carry out, in cooperation with the Central Bank of Kuwait and the Kuwait Banking Association; Based on Warba Bank's keenness to raise awareness among all customers and others, especially in light of the challenges banks face as a result of the developments the world is witnessing at all levels, which increases the importance of the role of banks in promoting banking culture and awareness.
