Warba Bank of Kuwait achieves robust financial performance in the quarter of 2024
Date
4/24/2024 5:48:30 AM
(MENAFN) Warba Kuwait bank has revealed impressive financial results for the first quarter of the current year, ending on March 31, 2024, demonstrating significant growth and positive momentum across key indicators. The bank's net profits surged to 4.7 million dinars (USD15.25 million), marking a notable increase from the previous year's figure of 4.3 million dinars. This translates to earnings per share of 2.17 fils, representing a growth rate of 10.3 percent compared to the same period in 2023.
The bank's financial health was further underscored by a remarkable uptick in its main indicators. Total equity for shareholders reached 318.8 million dinars by the end of March 2024, up from 315.4 million dinars recorded at the close of the previous year. Additionally, Warba Bank's total assets amounted to 4.9 billion dinars, with the total financing portfolio reaching 3.6 billion dinars, reflecting a growth rate of 3.9 percent compared to the previous year.
The bank also reported a substantial increase in depositor accounts, with total deposits reaching 2.9 billion dinars as of March 31, 2024. In terms of profitability, net financing revenues experienced significant growth, soaring by 46.5 percent in the first quarter of the year to reach 13.2 million dinars. Net operating revenues also expanded to 18.4 million dinars, marking a growth rate of 21.5 percent compared to the same period in the previous year.
Moreover, the bank's cost-to-revenue ratio improved to 53 percent, down from 56 percent in the first quarter of the previous year, indicating enhanced operational efficiency and profitability. These robust financial results underscore Warba Kuwait Bank's resilience and ability to capitalize on market opportunities, positioning it as a leading player in the Kuwaiti banking sector.
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