Mubasher: Warba Bank said that Fitch Ratings has upgraded the bank’s Viability Rating (VR) to “bb-” from “b+”, according to a bourse statement issued on Wednesday.

The rating agency has placed a “Stable” Outlook, with the long-term Issuer Default Rating (IDR) being affirmed at “A+”.

Meanwhile, Fitch affirmed Warba Bank’s short-term IDR at “F1”, while the Support Rating Floor (SRF) was affirmed at “A+”.

Fitch said that the upgrade of Warba Bank’s VR reflected the bank’s compliance with its planned strategy, endorsing the improvement of yields and profitability, Warba added in the statement.

During the first nine months of 2017, Warba Bank recorded a jump of 442% in profits to KWD 4.75 million compared to KWD 877,000 in the corresponding period in the previous year.

Noteworthy, Warba Bank achieved a growth of 453.9% in its profits during the first six months of 2017, totaling KWD 2.52 million compared to KWD 455,000 in the same half a year ago.