Mubasher: Warba Bank clarified that after the Central Bank of Kuwait (CBK) granted its approval on 20 June to increase the capital, Moody’s Investors Service released a report on 28 June that covers the bank’s outlook, according to a bourse statement on Tuesday.
Warba Bank’s capital rise boosted the Kuwaiti lender’s core capital by approximately 1,009 basis points, in addition to increasing the shareholders’ equity rights in capital Tier 1 (CET1) as registered on 31 December, 2017 by about 22.9% instead of the current 12%.
The total value of the CET1 will grow to 32.2% as estimated from the current 21.3%, the New York-based rating agency noted, as reported in the bourse filing.
Warba Bank’s shareholders’ equity rights, excluding sukuk of additional capital Tier 1, are expected to increase to 10.7% of the total assets, Moody’s noted.
