Warba grows its profits by 10.30% to KD 4.74 million in the first quarter of 2024
All of the bank’s main financial indicators witnessed a remarkable upward trajectory and growth, as the total equity of the bank’s shareholders reached 318.8 million Kuwaiti dinars at the end of March of the current year 2024, compared to about 315.4 million Kuwaiti dinars at the end of the year. For the previous year, 2023. The bank’s total assets amounted to 4.9 billion Kuwaiti dinars, while the total financing portfolio amounted to 3.6 billion Kuwaiti dinars, compared to about 3.5 billion Kuwaiti dinars, at the end of the previous year, 2023, with a growth rate of 3.9%. %. The total depositors’ accounts reached 2.9 billion Kuwaiti dinars as of March 31, 2024.
Regarding profitability indicators, net financing revenues increased by 46.5% in the first quarter of this year, reaching 13.2 million Kuwaiti dinars. Net operating income reached 18.4 million Kuwaiti dinars for the first three months of the current year, a growth rate of 21.5% compared to the same period of the previous year, and the cost to revenue ratio decreased to 53% compared to 56%. % in the first quarter of the previous year.
Warba Bank Chairman of the Board of Directors, Hamad Musaed Al-Sayer, said that the results of the first quarter of 2024 indicate the positive performance of Warba Bank and its steady progress on the path to sustainable growth. This positive performance is due to the bank’s strategic growth plans, which are primarily based on providing a distinguished banking experience by providing the best banking solutions and services with the highest standards. Pointing out that the good financial results achieved by Warba Bank confirm the flexibility of the bank’s business model, its ability to adapt to various circumstances, and the unique position it enjoys among its customers and shareholders, which confirms its superior ability to continue and overcome difficulties. He has the greatest credit for the sustainable growth of the bank.
He continued, saying: “The growth in all of Warba Bank’s financial indicators shows the continued success in implementing the strategic transformation plan, which it continues to develop continuously, and the growth of its market shares at the level of all customer segments, whether individuals or individuals.” Companies. He added that the bank continues to strengthen its position as a major and essential factor in the financial and banking sector in Kuwait, and its keenness to continuously develop the capabilities of employees by organizing training courses in partnership and cooperation with many leading specialized agencies and institutions in Kuwait. The local and regional levels.
Al-Sayer stated that the financial indicators achieved by the bank confirm the efficiency and flexibility of the executive policies and procedures that helped the bank develop its operations, face strong competition in the Kuwaiti banking market, and benefit from the opportunities available therein. It also reflects the strength and stability of the banking sector in Kuwait, and the strength of the Kuwaiti economy in general.
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