Mubasher: The financial statements of Warba Bank registered a leap of 428.4% in profits during the third quarter of 2017 compared to the same quarter a year ago.
Earnings surged to KWD 2.23 million ($7.4 million) in Q3-17 compared to KWD 442,000 ($1.4 million) in Q3-16, according to a bourse statement issued on Wednesday.
During the first nine months of 2017, Warba Bank recorded a jump of 442% in profits to KWD 4.75 million compared to KWD 877,000 in the corresponding period in the previous year.
This increase in profits is attributed to a growth of 62% in the financing portfolio as registered on 30 September 2017; this increase in the financing portfolio pushed operating profits to rise after provision for impairment of nearly KWD 4 million.
It is worth noting that Warba Bank achieved an increase of 453.9% in profits during the first six months of 2017 to KWD 2.52 million compared to KWD 455 in the same period a year ago.
At the stock level, Warba Bank started Wednesday’s session 0.43% higher at 234 fils.
