‎‎Kuwait-based Warba Bank, a top investment bank, has posted a net profit of KD2.523 million ($8.3 million) for the first half (H1) of the year compared to KD0.455 million for the same period of 2016, marking a rise of 455 per cent.

The increase in the bank's total revenues was driven by strong performance of all business units. Its overall revenues reached KD26.311 million with an increase of 57 per cent compared to the first half of 2016. Moreover, its operating revenues increased by 66 per cent and amounted to KD16.815 million at the end of the first half of 2017 compared to KD10.109 million for the same period of 2016.

The total assets of the bank increased due to its strategy of expansion in the local and regional markets and investments in high quality and low-risk assets with a value of KD1.498 billion. Its financing portfolio witnessed a remarkable growth as it became KD1.132 billion with an increase of 68 per cent over the first half of 2016.

As a result of the quality of the financing portfolio, the Bank's faltering funding Non-performing facilities is 0.56 per cent - a percentage that is considered to be one of the lowest ratios in the domestic banking sector. The Bank's coverage ratio of provisions for funding faltering Non-performing facilities was 288 per cent at the end of the first half of the year. ‎‎

Abdulwahhab Abdullah Al-Houti, chairman of Warba Bank, said: "Thanks to Allah's Guidance, in the first half of 2017, Warba Bank achieved outstanding results and laid the foundation stone for the Bank's drive to establish itself as a leader in Islamic corporate and investment banking  services in Kuwait, as well as providing advanced digital services to individuals.‎‎

“Since the beginning of the year, the Bank has also expanded its investment base in promising emerging regional and international markets, enhancing its investment portfolio. That has provided a basis for investors' confidence in its performance.

Al-Houti affirmed that Warba Bank continues to innovate services and products that establish a developed era in the Islamic banking sector and also increases the spread of its branches in line with the ambition and requirements of its customers. ‎‎ ‎‎He pointed out that the Warba Bank is expanding its investment plans internationally, especially following its achievements in the first half in this respect.

The bank is currently studying investment opportunities in Kuwait and abroad which, Al-Houti assures, will enhance the Bank' investment portfolio and provide profitable returns to investors. ‎‎ ‎‎‎Al-Houti also pointed out that all indicators promise high-quality performance of the Bank at all levels and departments. ‎‎‎

‎Warba Bank's CEO, Shaheen Hamad Al-Ghanem, said that the Bank has made pioneering achievements in the finance and investment sector in the first half of 2017 in Kuwait and regional and international markets, confirming its position as an Islamic bank that offers regular and rewarding  investment opportunities for investors.‎‎ ‎Al-Ghanem pointed out that this development follows the terms of its strategy to create unique investment opportunities for customers and to create exclusive financing solutions. It also aims to support the corporate and investment sector.

Al-Ghanem also said that the first half of 2017 witnessed the Bank's achievements in creating investment opportunities that provide viable and regular returns to investors. The first achievement was its peerless success in marketing its Sukuk issued at the beginning of the year with a value of $250 million, and could cover the subscription 5 times more than the issued Sukuk in the amount of $1.3 billion. Therefore, its Sukuk were listed on both Nasdaq Dubai and the Irish Stock Exchange.

The bank also had a successful participation in arranging the issuance of USD-400 million Sukuk by the Dubai-based, real estate development company Meraas Holding Company.  Warba Bank participated in the deal with $50 million.‎‎

"The first half of this year witnessed a growing development in Warba Bank's performance at various levels, especially in the investment and banking solutions sector. We promise that this achievement will have been doubled by the end of the year thanks to the confidence our investors put in us and our team's restless efforts to do their best to bring the Bank to the forefront,” Al-Ghanem concluded. – TradeArabia News Service