(MENAFN- Arab Times) Warba has been named the "Fastest Growing Bank in Kuwait" by Banker Middle East Magazine, in recognition of its growth in the Islamic Banking sector and the remarkable results reported in the Bank's financial statements and key financial performance indicators. It is worthy to mention that Warba Bank has previously received the 'Best New Bank in the ME Award' and 'Best Call Center Award' for 2014 from the same Magazine.
The award was presented to Mr Jassar Al Jassar, Vice Chairman and CEO of Warba Bank, at the ceremony organized by Banker Middle East Magazine in Dubai in the presence of more than 350 prominent personalities representing different financial and banking institutions in the Middle East and North Africa.
Warba Bank was selected from a list of nominees from Gulf and regional banks to win this award based on its financial statements, the Bank's latest key performance indications , quantitative financial analysis including assets, liabilities, income, net profit, and return on shareholders' equities and return on assets.
Commenting on this event, Jassar Al Jassar, Vice Chairman and CEO at Warba Bank, said: "Wining this prestigious award from Banker Middle East reflects Warba Bank's success in achieving growth across key financial indicators and demonstrating that the bank has managed to enhance its presence in the Kuwaiti Market. It is also considered an indication of the successful strategy adopted by the Bank's Board of Directors and executive management at all levels; in addition, it emphasizes the Bank's solid financial position and the quality of its services and innovative banking products that are both Shariah-compliant and in line with the highest international safety and quality standards".
Al Jassar continued: "Some of the key financial indicators achieved by Warba Bank are the growth of its operating revenue of 32% at the end of the first quarter of 2015 compared to the same period in 2014, and achieving net profit growth of 148%, reaching KD 77,000. Total assets have also increased by 46% while maintaining its quality, customers and banks deposits have shown growth of 59%, the finance portfolio grew at 44 % with mitigation of credit risks. The non performing finances represent only 0.25% (the lowest among Kuwaiti Banks). The Revenues from financing and deposits have increased by 61% demonstrating the Bank's persistence and hard work towards ensuring a strong market position through a solid strategy based on expansion in operational activities locally and regionally. In addition, we have focused on developing and increasing customer base while fulfilling their expectations within our policy of introducing innovative and enhanced products in line with market needs."
This new award will be added to Warba Bank's record of competitive achievements which have increased notably in the financial services sector. Al Jassar said: "We succeeded at Warba in innovating and providing Shairah-compliant banking services and solutions that are strongly competitive with traditional banking. These products and services are suitable for all segments of the society and provides added value at all levels enabling the Bank to play a larger role in the local development , expansion plans and seizing new opportunities both regionally and locally, increasing the market share , performance indicators and achieving its ambitious strategy for the coming three years in a way that enhances shareholders' rights and cater for customers' expectations through providing for their financing and investment needs".
Al Jassar concluded: "Warba Bank has set a number of goals in its new strategy and is working towards achieving them through a plan that ensures speed, performance quality and customer satisfaction. This will be achieved through motivating employees to innovate and create new services and products, through commitment of the Bank's team work and corporate social responsibility, supporting national labor and growing promising Kuwait talents; while continuing to develop the Bank's infrastructure and systems and further enhancing its internet and smartphones banking services and the Call Center role.
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