The Bank's total assets increased by 46% in the first quarter reaching KD 627 million

Customers and banks' deposits increased by 59% reaching KD 531 million

Kuwait, April 21, 2015

Today, Warba Bank announced its financial results for the three -month period ended March 31, 2015, indicating strong growth across the Bank's business. The Bank achieved operating revenues at 32% growth rate amounting KD 5.017 million by the end of the first quarter 2015 compared to KD 3.805 million for the same period 2014. During 1st Q  2015, Warba Bank achieved net profit at growth rate of 148% amounting KD  77 thousand dinars compared to a loss of KD 162 thousand for the same period 2014.

The Bank's total assets increased in the 1st Q  2015 at 46% reaching KD 627 million compared to KD 429 million for the same period 2014. The customers and banks' deposits increased at 59% at the end of the 1st Q  2015 reaching KD 531 million compared to deposits of KD 334 million as on March 31, 2014.

The Bank's financing portfolio reached KD 392.1 million at the end of the 1st Q  2015, at an increase of  44% compared to the 1st Q 2014. The high quality of the Bank's financing portfolio  is attributable to the low ratio of default finances at only 0.25% while the coverage ratio reached  565 % at the end of the 1st Q 2015.

Revenues from financing and deposits increased in the 1st Q 2015 to reach KD 4.42 million compared to KD 2.74 million for the same period 2014 at an increase of 61%.  This is one of the key positive indicators illustrating the Bank's robust operations. It should be noted that the net profit for the 1st Q 2015 represents 67% of the net profits for the whole 2014.

Warba Bank has a strong financial position and high quality assets. This is clearly reflected by the Capital Adequacy Ratio (CAR), exceeding the required limit as per Basel III and Central Bank of Kuwait (CBK) instructions. This will drive Warba's future business growth and enhances its capacity to seize appropriate investment opportunities yielding the highest returns to shareholders.

Commenting on the results, Mr. Emad A. Al Thaqeb, Warba Bank Chairman, said: " The outstanding performance of the Bank during the 1st Q 2015 reflects Kuwait strong economy and the great potentials for the banking sector in the Country.  Despite the tough conditions at the region, the huge challenges at local, regional and global markets, and the intense competition among banks, Warba could convert to profitability illustrating the significant improvement in the Bank's performance and  assets' operational efficiency."

He added: "During the past three years, Warba Bank has been able to achieve the key objectives of the adopted sustainable growth strategy within the framework of sound corporate governance practices and risk management. As part of our continuous pursuit to enhance the Bank's position in the Islamic banking sector in the region, we have prepared our new strategy  for the next three years till 2017. This  strategy will serve as an ambitious roadmap to enhance the Bank and develop its performance and competitive capabilities by implementing best practices in the sector, innovating banking products and services, developing the Bank's role in the local market and maintaining a solid financial position that safeguards the Bank's shareholders. This is in addition to our endeavors for expansion in the domestic market and entering into new ones in the region that will contribute in our search for lucrative investment opportunities to boost Bank's growth for the benefit of both shareholders and customers alike."

 Mr. Jassar Al Jassar, Warba Bank Vice Chairman & Chief Executive Officer, said: "Our performance during the first quarter this year is remarkable in terms of financial growth indicators and enhancing the our capital position. Profits have been the outcome of  increased revenues from the operational activity. The  capital adequacy ratio exceeded the limit mandated by both CBK and Basel III instructions thus enhancing the Bank's position in the local market and driving it to achieve the set goals."

He added: "While we look forward to the coming months of 2015, we will continue to develop and introduce innovative new products and services that meet our customers' various needs and contribute in strengthening the Bank's position and path to sustainable growth to ensure that Warba continues in playing a leading and effective role in driving the  development of Kuwait economy."

Warba strives to implement an ambitious growth plan for expanding in Kuwait market, enhancing its online banking services, developing web portal and launching smart phone applications aiming to save customers' time and efforts, facilitate their banking transactions  at the highest safety and security standards. In addition, the Bank improves free SMS Alert and provides Warba POS devices.

In addition, the Bank continuously endeavors to develop the Call Center,  increase its efficiency and applications and train its staff. This resulted in Warba's  winning "Best Call Centre Award -2014" from Banker Middle East Magazine for Banking Products and Services in Kuwait. This Award is an addition to the Bank's achievements record.

In addition to the Bank's operational activity, Warba continuously focuses on investing in human resources and the recruitment of national talents.  The Bank managed to attract and train young Kuwaiti cadres to work at various sectors. The Bank also places significant stress for employing best Kuwaiti calibers at the executive management level, which actually exceeds 75%.

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About Warba Bank:
Warba Bank, an Islamic Bank established by virtue of an Amiri Decree, was officially registered in the Central Bank of Kuwait's register of Islamic Banks on April 5th, 2010. The State of Kuwait, represented by Kuwait Investment Authority (KIA), owns 24% of the bank's total shares, while the remaining 76% of shares, fully subscribed by the government, has been equally allocated to all Kuwaiti nationals. Warba Bank offers a wide range of customized Sharia compliant services and solutions which are available through the Bank's three Business Groups : Retail Banking Group, Corporate Banking Group, and Investment and Treasury Group. Branching out in 7 strategic locations, Warba Bank has over 250 employees.

For media information, please contact:
Nadin Al Alami
ASDA'A Burson Marstellar
Tel: 00965 22901571   
Email: nadin.alami@bm.com

© Press Release 2015