Mubasher: Warba Bank registered a 71% year-on-year profit surge to KWD 12.74 million ($42.12 million) in 2018, against KWD 7.45 million ($24.63 million).

The Kuwaiti lender attributed the annual profit rise to the increase in its financing portfolio and investment portfolio by 27% and 19%, respectively, according to the bank’s financial results published on Boursa Kuwait.

Warba Bank’s profits leapt 61.1% to KWD 4.06 million in the fourth quarter of 2018, from KWD 2.52 million in the same period a year ago.

During the first nine months of 2018, Warba Bank recorded an increase of 76.1% in profits to KWD 8.68 million, against KWD 4.93 million in the corresponding period in 2017.

In November, Warba Bank’s CEO Shaheen Hamed Al Ghanim said distributing cash dividends to the shareholders would be hard this fiscal year in light of the bank's capital top-up.

Warba Bank’s stock closed Wednesday’s session unchanged at 220 fils.