Kuwait – Mubasher: Warba Bank on Tuesday announced an increase of 296.3% in its profits for the first quarter of 2017, compared to the same quarter in 2016.
Profits stood at KWD 1.3 million ($4.26 million) in Q1-17, compared to KWD 328,000 ($1.08 million) in Q1-16, according to a filing to Boursa Kuwait.
The bank attributed the growth in profits in Q1-17 to a 64% increase in the financing portfolio, and a rise in net revenues and commissions, which contributed to a boost in operating profits.
Net operating profits levelled up 229% to KWD 3.75 million in the Q1-17, compared to KWD 1.14 million in the same quarter of the year before.
The Kuwaiti bank had previously achieved a 157.55% rise in profits to reach KWD 2.575 million in 2016, compared to KWD 1 million in 2015.
By 11:40 am Kuwait time, the stock rose 1.63% to 250 fils.
