Kuwait City, 25 Sept: The credit rating agency Moody's raised its future outlook for Warba Bank from stable to positive by affirming the Bank's ratings during the agency's latest evaluation.

Shaheen Hamad Al-Ghanem, CEO of Warba Bank, said, “The agency fixed the long-term deposit rating at baa2//P—2, raising the future outlook from stable to positive. The agency also fixed the counterparty risk rating at baa1/P-2.” Al-Ghanem explained that Moody's fixed the Bank's basic rating and revised basic rating at ba3, while changing the Bank's future outlook from stable to positive. Pointing out that this fixation reflects the Bank’s growing local brand in terms of both corporate and individual services. This supports Warba's recurring profitability and the strong quality of its assets and capital resources, in addition to its stable sources of financing.

Al-Ghanem stated that Moody’s raised its future outlook for the Bank from stable to positive based on a number of positive aspects, including: the strong and diversified Islamic financial activity that the Bank offers in a way that enhances profitability, improving asset risks, strong capital, improved strong profitability, and continuous exit from previous obligations and the accompanying exposure to risks. He continued: “These advantages are offset by challenges, including: large focus on specific sectors and large international operations.”

The Bank operates strong Islamic activity that supports its profitability, in addition to a strong commercial activity due to its major role as a provider of Islamic products in Kuwait. Despite its stability, it faces strong competition in the market, as this strong local stability continues to support core financing revenues, and it also represents a strong basis for the quality of the Bank’s profits.

It is worth noting that Moody's is one of the largest accredited credit rating agencies in the world, as it is concerned with the basic banking and credit standards that represent the core of banking work without any external interference, and therefore it is the most reliable, credible and true standard for the efficiency and trustworthiness of banks at the regional and global levels.

Warba Bank is one of the banks that has achieved great successes in a short period, as it occupied a leading position in the field of Islamic digital banking services for individuals, and it is one of the largest local banks in the number of shareholders, and these are among the most prominent components that make the Bank close to all members of society, in addition Warba Bank is considered among the 50 largest banks in the Middle East in terms of market value for the year 2023 - Forbes Middle East classification.