Mubasher: Warba Bank achieved a growth of 18.9% in profits during the fourth quarter of 2017 compared to the same period last year.
Earnings increased to KWD 2.02 million ($6.74 million) in Q4-17 from KWD 1.70 million ($5.67 million) in Q4-16, according to a bourse statement on Wednesday.
During fiscal year 2017, Warba Bank’s profits leaped by 163% to KWD 6.77 million compared to KWD 2.58 million in the previous fiscal year.
The surge in Warba Bank’s profits is attributed to a 53% increase in the financing portfolio on an annual basis, boosting the operating profits after the low-value provision by KWD 4.4 million.
Warba Bank’s board members recommended zero dividends for FY17.
At the stock level, Warba Bank closed Wednesday’s session 0.44% lower at 224 fils.
