Mubasher: Kuwait-based Warba Bank reported a 31% year-on-year profit rise in the first quarter of 2019.

Profits increased to KWD 3.82 million ($12.59 million) during Q1-19 from KWD 2.92 million ($9.63 million) in Q1-18, according to a statement to Boursa Kuwait on Wednesday.

The lender ascribed Q1-19 profit growth to a 29% increase in financing portfolio, a 32% rise in investments portfolio, and a growth in operating revenues after a drop in impairment allocations.

Warba Bank’s operating revenues jumped 31% to KWD 14.23 million by the end of Q1-19 from KWD 10.88 million in Q1-18.

In 2018, the bank’s profits soared 71% to KWD 12.74 million, compared to KWD 7.45 million a year ago.