KUWAIT CITY, October 23: Warba Bank announced the achievement of 14.9 million dinars during the first nine months ending in September 2024, with a return of 6.12 fils per share, compared to 14.3 million dinars for the same period in the previous year 2023, with a growth rate of 4%.

In a press statement, the bank indicated that it achieved net profits amounting to 5.5 million dinars, equivalent to 2.53 fils per share during the third quarter ending on September 30, 2024, compared to 4.1 million dinars, equivalent to 1.86 fils per share, for the same period in the previous year 2023, with a growth rate of 35.7% on an annual basis.

Net financing income increased by the end of the third quarter to 40.2 million dinars, growing by 28.8%, compared to the same period in the previous year 2023, with net operating income reaching 53.2 million dinars by the end of the third quarter, a growth rate of 7.2% compared to the same period in the previous year 2023. Total comprehensive income for the period also increased by 43.2% compared to the same period in the previous year 2023.

Shareholders’ equity reached 335.3 million dinars by the end of the third quarter this year, and total assets grew to 4.94 billion dinars, marking an increase of 2.2% compared to the year end of 2023. The financing portfolio saw an increase of 3.59 billion dinars, growing by 4.1% from the year end of 2023.

Similarly, customer deposits increased by the end of the third quarter to reach 2.98 billion dinars, growing by 2.5% from the same period in the previous year 2023.

 In the context of his comments on the bank’s financial results for the first nine months of the current year 2024, Chairman of the Board of Directors at Warba Bank, Mr. Hamad Musaed Al-Sayer, stated that Warba Bank maintained its strong performance during the first nine months of this year 2024, registering net profits of 14.9 million dinars during the first nine months of this year 2024, these results reflect Warba Bank’s sound policies and prudent management practices in addition to the bank’s established strategy to maximize the value for its shareholders.

Al-Sayer also added that Warba Bank was able to maintain its growth momentum in 2024, achieving strong results that reflect the bank’s ability to diversify its business and adapt to changing operating environments. He stressed that despite global geopolitical and economic tensions, the bank has continued to reap the fruits of its strategic focus on product diversification and strengthening its asset base and operational efficiency.

He continued: “The bank is on the right track towards achieving the strategic objectives set, which aim to enhance customer satisfaction and create added value for them.” Al-Sayer emphasized that the bank’s plans are based on expanding its business base, with a deeper focus on main banking activities, which include services, products, and financing solutions that meet the needs of all customer segments.

 The bank also made remarkable progress in improving its liquidity structure, enhancing its financial capabilities, and addressing financial challenges. Warba’s investment in technological innovation and digital products, combined with strategic investments in growth sectors, underscores the bank’s focus on long-term growth.

Al-Sayer pointed to Warba’s leadership in sustainability, noting the success of the bank’s issuance of the first-ever sustainable sukuk of 500 million dollars, with demand exceeding 4 times the target as investor requests reached $1.8 billion. The issuance of the Sukuk represents an important strategic step in strengthening the financial framework, as this issuance is in line with Warba’s strategic initiatives to enhance financial flexibility and supports the ongoing efforts to improve the liquidity structure and enhance the bank’s ability to face financial challenges. This issuance also reflects the great confidence that investors have in Warba’s ability to meet the financial obligations, which enhances the strength of its financial position and confirms its leadership in good governance practices.

Al-Sayer also mentioned the effectiveness of Warba in sukuk issuance compared to many local and international banks. He stated that Warba Bank was involved in leading several sukuk issuances and arranged many local and international deals this year in collaboration with various local and regional banks, which contributed to Warba’s remarkable financial position through its participation in these deals. The bank’s strategy was enhanced based on supporting major projects and deals with positive economic development returns, in addition to strengthening its role and expanding the scope of its financing activities locally, regionally and internationally, in regional and global markets.

Al-Sayer concluded by stating: “On behalf of the Board of Directors, I would like to extend my sincere thanks and appreciation to the Central Bank of Kuwait and the Capital Markets Authority for their continuous efforts and support to the Kuwaiti banking sector. I would also like to thank our dear shareholders, valued customers and the Board of Directors for their valuable contribution.”

For his part, Shaheen Hamad Al-Ghanim, CEO of Warba Bank, said that the bank’s strong financial results during the first nine months of 2024 reflect its success in moving forward with its strategy towards achieving sustainable growth and providing long-term added value to its shareholders and customers.

He explained that the bank’s ability to continue recording growth in profits, and in various economic cycles, clearly reflects its flexible business model and prudent approach to risk management, noting that net operating income increased by 7.2% year-on-year during the first nine months of 2024, to reach KWD 53.2 million.

Al-Ghanim stressed the distinction of Warba Bank's efforts in investing in sustainable financing products and implementing the Sustainable Development Goals (SDG), and establishing the principles of Environmental, Social and Governance (ESG) sustainability in all its operations, noting that it launched the first-of-its-kind carbon footprint report in the Kuwaiti banking sector, and the sustainability report, and continues the (Keep it Green) campaign that resulted in many sustainability initiatives.

Al-Ghanim pointed out that in the context of enhancing customer awareness and protection, Warba Bank continues to support the "Let's Be Aware/Diraya" campaign launched by the Central Bank of Kuwait and the Kuwait Banking Association, and Warba Bank's efforts come as a result of its commitment to enhancing customer awareness of their banking rights in addition to awareness of cybersecurity and the role of the banking sector as a whole in developing the economy.

Significant Figures: -

·         28.8% increase in net financing income to 40.2 million dinars.

·         7.2% increase in net operating income to 53.2 million dinars.

·         4.1% increase in Finance receivables balances to reach 3.59 billion dinars.

·         2.5% increase in depositors’ accounts to reach 2.98 billion dinars.

·         2.2% growth in total assets to reach 4.94 billion dinars