Kuwait – Mubasher: Warba Bank’s losses during the fourth quarter of 2014 widened 23.7% year-over-year from KWD203,000 ($675,300) to KWD251,000 ($834900).
In FY15, Warba’s profit surged by 770% to KWD1 million, compared to KWD115,000 a year earlier, powered by the increase of net financing income resulted from 40% growth in the financing portfolio.
The board of directors recommended withholding FY15 cash dividends, subject to the approval of the ordinary general meeting and the specialized regulating authorities.
For profits in the first nine months of 2015, it rallied 293% to 1.251 million from KWD318,000 in 2014.
