Kuwait’s Warba Bank achieved net profit of KD1.251 million ($4.12 million) in the third quarter (Q3) of the year compared to KD318,000 for the same period in 2014.

The bank’s total assets grew by 34 per cent reaching KD682.760 million compared to KD507.140 million as on 30 September 2014.

The realized profits before provisions increased at 100 per cent reaching KD3.314 million due to the quality and diversity of the bank’s assets and retaining high growth rates despite the severe competition in the sector.

The bank’s financing portfolio grew by 42 per cent reaching KD492.386 million by the end of the third quarter 2015 compared to KD346.747 million for the same period last year.

Emad Abdullah Al Thaqeb, chairman of Warba Bank, said: “Warba Bank’s strong performance continues to the third quarter with growth ascending trend reflecting the bank’s solid financial position, successful and flexible strategy that adapts to accelerating economic and legislative recent changes despite the ongoing political and security turbulences in the region.”

Al Thaqeb noted that Warba Bank’s operational revenue grew by 34 per cent reaching KD13.283 million by the end of the third quarter 2015 compared to KD9.891 million for the same period in 2014.

Jassar Dakheel Al Jassar, vice chairman & chief executive officer of Warba Bank, said:  “Warba Bank maintains a strategy of diversifying investments and income sources by improving business and operational performance across the bank, including investment, treasury, corporate finance, planning, risk management, operations, retail banking and IT.”

“We implement our strategy by continually seizing new lucrative opportunities or introducing innovative new financial products and services that will increase the bank’s market share specifically in the financing portfolio through providing customers with great offers for satisfying their modern needs and more specifically in the field of ecommerce. The net financing revenues increased reaching KD8.613 million compared to 6.408 million for the same period last year with increase ratio of 34.4  per cent.

“Customer deposits increased by 42.2 per cent reaching KD585.300 million in the third quarter of 2015, compared to KD411.608 million during the same period last year,” he added. – TradeArabia News Service