Apr 07 2013
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Warba Bank Achieves 33% Growth in Corporate Banking Business during the Second Half of 2012
Kuwait; April 7th, 2013: Warba Bank announced today the achieving of positive results in terms of the financing activities of its Corporate Banking Group. This achievement stems from the strength of the bank's operations and its diversified sources of income, as the bank continues to service vital market sectors inside and outside Kuwait.
During the past period, the bank focused on financing certain sectors; most notably amongst them are the retail, industry, real estate and petrochemicals sectors. Warba Bank 's corporate financing portfolio increased by 33% during the Second Half of 2012. This was achieved by building a solid professional customer base; as well as easy, fast and efficient processing of transactions.
Additionally, Warba seeks to build a long term relationship with its existing customers, and to attract more reputed and creditworthy customers, providing them innovative Sharia-compliant financial solutions.Commenting on this, Basel Jassim Al-Obeid, Chief Corporate Banking Officer at Warba Bank , said: "The results of the Second Half of 2012 show healthy growth in the bank's key activities, as we aim to approach our customers; i.e., owners of large, medium, and small sized businesses, with a view to understand their needs and their operations, and to help them reach their goals and achieve long-term success."
In conclusion, Al-Obeid said: "Given the achieved improvement, and increase of banking sector's assets in GCC states in general and in Kuwait in particular during 2012, we are optimistic about the overall growth prospects of the banking sector in Kuwait during 2013. In light of the good results achieved, Warba is committed to continue providing comprehensive range of banking products and services for corporate and retail customers. Currently, Corporate Banking Group is considering new and specific Sharia-compliant products, which would further serve the needs of our customers."
Warba Bank , an Islamic bank established by virtue of Amiri Decree, was officially registered in the Central Bank of Kuwait's list of Islamic banks on the 5th of April, 2010. The state of Kuwait, represented by Kuwait Investment Authority (KIA), owns 24% shares of the bank while the remaining 76% of shares, fully subscribed by the government, have been equally allocated among all Kuwaiti nationals. Warba Bank offers a range of customized Sharia-compliant services and solutions which are available through the banks three divisions of Retail, Investment and Corporate Banking. Branching out in five strategic locations, Warba Bank has over 150 employees.
© Press Release 2013
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