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Warba Bank posts KD 455,000 net profits in 1st half

Warba Bank Chairman Abdulwahab Al-Houti
Warba Bank Chairman Abdulwahab Al-Houti
KUWAIT, July 24 (KUNA) -- Warba Bank has posted net profits worth KD 455,000 during the first six months of 2016, marking a rise of 44 percent compared to KD 315,000 the same period last year, it announced Sunday. (KD1 = USD 3.3) The bank's total revenues in the first half of the year reached KD 16.7 million, 50 percent higher than the corresponding period in 2015, Warba added in a press release.
Operating revenues over the period January-June 2016 rose by 33 percent to KD 10.1 million, compared to KD 7.6 million in the first half of 2015.
The release quoted Warba chairman Abdulwahab Al-Houti as saying that the bank's assets rose to KD 918 million, as its financing portfolio rose by 48 percent from 2Q to KD 675 million.
Warba, an Islamic Bank established by virtue of an Amiri Decree, was officially registered in the Central Bank of Kuwait's register of Islamic Banks on April 5th, 2010. (end) fnk.asa.msa