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Warba Bank Q2 profits rise 18%

Warba Bank Q2 profits rise 18%
In the first half of 2019, the bank’s profits stood at KWD 6.5 million
WARBABANK
WARBABANK
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Mubasher:  Warba Bank, listed on Boursa Kuwait, reported a 17.5% year-on-year increase in its profit for the second quarter of 2019.

Profits amounted to KWD 2.68 million ($8.83 million) in Q2-19, compared to KWD 2.28 million ($7.51 million) in Q2-18, according to a statement to Boursa Kuwait on Tuesday.

In the first half of 2019, the bank’s profits stood at KWD 6.5 million, up 25% from KWD 5.2 million in H1-18.

The increase in H1-19 profits was mainly driven by a 39% year-on-year growth in contribution to the financing portfolio, the bank said.

Meanwhile, operating profits grew 14.4% in the six-month period ended 30 June 2019 to KWD 16.36 million from KWD 14.3 million in H1-18.

It is worth noting that Warba Bank previously posted a 31% increase in its Q1-19 profits, recording KWD 3.82 million as compared to KWD 2.92 million in Q1-18,