Mubasher: The financial statements of Warba Bank showed positive performance during the fourth quarter of 2016 when compared to the same period in 2015.
Profits totaled KWD 1.7 million ($5.6 million) in Q4-16 versus losses of KWD 251,000 ($821,000) in Q4-15, according to a bourse statement issued on Sunday.
During the fiscal year of 2016, net profit amounted to KWD 2.575 million which was 157.5% higher from KWD 1 million in FY15.
The bank clarified that achieving earnings was due to a 52% growth in financing portfolio which helped in raising the operating profit by KWD 1.6 million.
