Kuwait – Mubasher: Warba Bank has announced its financials for the fiscal year ending December 31, 2014, during which it achieved a net profit of KWD 115,000 ($389,000) against a loss of KWD 3.71 million in FY13, recording a 103% profit rise.

The Bank incurred a loss of KWD 203,000 during the fourth quarter of 2014 against a loss of KWD 587,000 during the same period in 2013, registering a decline in losses by 65.4%.

In its bourse filing to the Kuwait Stock Exchange (KSE), the Bank said that its rise in net profit is mainly attributed to increased revenues from deposits by around KWD 5.7 million following a 78% surge in the Bank’s financing portfolio by the end of 2014 compared to 2013, added to increasing investment revenues by KWD 2.23 million.

Warba’s Board of Directors has recommended during its meeting on January 11, 2015, that there will be no cash dividend for the fiscal year ending December 31, 2014. This recommendation is subject to approval by the Company’s ordinary general meeting (OGM) and related authorities.