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Warba Bank registers 30% YoY higher profit in 2019

Warba Bank registers 30% YoY higher profit in 2019
Earnings per share reached 7.7 fils
WARBABANK
WARBABANK
1.64% 248.00 4.00

Mubasher: Warba Bank has reported a 30% year-on-year profit increase during the fiscal year 2019.

The bank’s net profit went up to KWD 16.5 million ($53.94 million) last year, compared to KWD 12.74 million ($41.65 million) in the year-ago period, according to a bourse statement released on Wednesday. Earnings per share reached 7.7 fils.

Total revenue grew by 40% to KWD 123.77 million in 2019, compared to KWD 88.726 million in the year-ago period.

Moreover, total assets surged 43% to KWD 3.144 billion at the end of 2019, from KWD 2.2 billion in 2018.

It is worth noting that during the period from January to September 2019, Warba Bank recorded a 49% YoY increase in profits to KWD 12.143 million.