Mubasher: Raising the capital of Warba Bank by 50% aims at boosting the capital baseline and increasing the bank’s instruments to provide large financing facilities, CEO of Warba Bank Shaheen Al Ghanim has said.
The capital hike will lower the costs of financing facilities the Kuwaiti lender could obtain, Al Ghanim told CNBC Arabia on Tuesday.
The capital increase will be by 500 million shares valued at KWD 90 million at a par value of 100 fils each, with an issue premium of 80 fils.
The top official noted that this capital hike will reflect positively on the bank’s financial position in general, as it focuses on government projects and the oil sector. Al Ghanim added that this will enhance Warba’s operations and shareholders’ equity rights.
The CEO expected a growth in the bank’s profitability in the second quarter of fiscal year 2018.
It is noteworthy that Warba Bank achieved a surge of 115% in Q1 profits to KWD 2.9 million when compared to the same quarter in 2017.
