KUWAIT, March 30 (KUNA) -- Warba Bank's financing portfolio grew by 40 percent to KD 543.8 million at the end of 2015, compared with KD 388.2 at the end of 2014. (KD 1 = USD 3.31) The bank's total assets reached KD 776.1 million at the end of 2015, compared with KD 594.8 million in 2014 with a growth rate of 30 percent, Vice Chairman and CEO Al Jassar Dakheel Al-Jassar added during the bank's general assembly on Wednesday.
He added that Warba "will continue its medium-term strategic plan, which is based on a range of objectives, taking into account the rapid economic changes faced by the global economy, particularly in the Gulf region in light of the sharp drop in oil prices." This strategy strengthens the bank's position and contributes to its success in achieving a leading position in the Islamic banking sector as well as extending its roots at the local level and maintaining a solid financial status that provides protection for its shareholders.
In 2015, the bank achieved significant growth in all aspects and that was accompanied with significant growth in its operating income, which rose by about KD 7.7 million and amounted to KD 26.3 million, marking a growth of 42 percent compared with KD 18.5 million in 2014, Al Jassar stated.
Furthermore, deposits rose by 25 percent to reach KD 433.5 million compared with KD 346.1 million in 2014.
The bank participated in a deal to hire aircraft for Kuwait Airways as part of the first deal to be concluded with International Company for aircraft financing for rental of five A330-200 Airbus planes, Al-Jassar explained.
In addition, Warba acquired an equipment rental portfolio operated by Atel Capital Holding Group, an American independent equipment rental company. That made the bank Bank the first Kuwaiti entity to invest through the said Group.
The assembly, inter alia, approved the election of the Board of Directors for the third cycle (2016-2018), and recruitment of the members of the Fatwa and Sharia Supervisory Board for the year 2016, and the Bank's Auditors for the fiscal year 2016.
It also approved the assembly's agenda, reports of the Board of Directors and the Auditors, and the financial statements for the fiscal year that ended on 31 December 2015. (end) mfm.ht.nfa.msa