Warba Bank has reported impressive financial results for the first nine months ending in September 2024, achieving a net profit of 14.9 million dinars, which translates to a return of 6.12 fils per share. This marks a 4% increase from the 14.3 million dinars recorded in the same period in 2023.
In the third quarter alone, the bank generated net profits of 5.5 million dinars (2.53 fils per share), up 35.7% compared to the third quarter of 2023, which saw profits of 4.1 million dinars (1.86 fils per share). Net financing income surged by 28.8%, reaching 40.2 million dinars, while total operating income increased by 7.2% to 53.2 million dinars. Comprehensive income also rose significantly, gaining 43.2% year on year.
By the close of the third quarter, Warba Bank’s shareholders’ equity climbed to 335.3 million dinars, and total assets hit 4.94 billion dinars, reflecting a growth of 2.2% since the end of 2023. The financing portfolio expanded to 3.59 billion dinars—a 4.1% increase—and customer deposits rose to 2.98 billion dinars, up 2.5% from the previous year.
In discussing these results, the Chairman of the Board, Hamad Musaed Al-Sayer, emphasized the bank’s robust performance and effective management strategies, highlighting a commitment to maximizing shareholder value and adapting to evolving market conditions despite global economic challenges. Al-Sayer pointed out that Warba Bank’s focus on product diversification and operational efficiency has played a crucial role in its growth.
Furthermore, the bank has made substantial advancements in its liquidity and financial capabilities, underpinned by investments in technology and sustainable financial products. Notably, Warba Bank successfully issued its first sustainable sukuk worth $500 million, with demand surpassing expectations, demonstrating strong investor confidence in its financial stability.
Al-Sayer also highlighted the bank’s proactive involvement in leading sukuk issuances and other financial initiatives, which enhances its competitive edge in the market.
Warba Bank’s CEO, Shaheen Hamad Al-Ghanim, expressed that the strong results underscore the bank’s strategic focus on sustainable growth and value creation for shareholders and customers. The bank’s prudent risk management and flexibility in its business model are evident in its financial performance.
The commitment to Environmental, Social, and Governance (ESG) principles and sustainable financing continues to be a priority, reinforced by the launch of a carbon footprint report and various sustainability initiatives.
Moreover, the bank is actively participating in campaigns to raise awareness about customer rights and cybersecurity, reinforcing its dedication to enhancing customer protection in the banking sector.
### Key Highlights:
– 28.8% growth in net financing income, totaling 40.2 million dinars.
– 7.2% rise in net operating income, reaching 53.2 million dinars.
– Financing receivables increased by 4.1%, amounting to 3.59 billion dinars.
– Customer deposits grew by 2.5%, totaling 2.98 billion dinars.
– Total assets expanded by 2.2% to 4.94 billion dinars.
