(MENAFN - Arab Times) Warba Bank (WB) announced today achieving total income of KD 8.1 million for the year ending December 31st, 2012 compared to KD 3 million for the financial period ending December 31st, 2011.
Commenting on this, WB's Chairman & Managing Director, Jassar Dakheel Al-Jassar, said: "Warba Bank has realized total income of KD 8.1 million in 2012 compared to KD 3 million in the previous financial period; i.e., achieving a growth rate of 170%.
The achieved growth reflects the meritorious and advanced performance of the bank towards achieving its strategy aiming to increase the bank's returns, decrease the risk to the lowest level possible, promote the performance level, develop WB's work mechanisms, and build a financing and investment portfolio that guarantees future growth and sustainable sources of income. Warba Bank operations resulted in a net loss of KD 1.9 million for the year 2012 compared to net loss of KD 2.9 million in the previous financial period; i.e. decrease of 35%. This means that the bank has exceeded the projected results of the establishment financial plan as set out by the global consultant, Booz & Co., which indicates that WB will shortly cover the establishment costs and starts realizing profits.
"WB's total assets increased to about KD 223 million as compared to KD 121 million as on 2011 end, achieving a growth rate of 84%. The income from fees and commissions increased remarkably; returns from financing deals increased by 47%; customers' total deposits multiplied 6 times reaching KD 78.2 million as at the end of 2012 compared to KD 13 million as at the end of 2011," added Al-Jassar.
Indeed, such positive developments stemmed from WB's successful implementation of its plans and strategies, namely those related to diversifying its financing portfolio while keeping low level of risk, offering diversified banking services, and increasing its network of branches covering five areas in 2012 with a view to provide customers with an excellent level of service.
Al-Jassar pointed out that such indicators confirm that WB is performing very well and started to reap the fruit of the sincere efforts sowed during the establishment phase.
Further, Al-Jassar said: "Warba Bank managed to recruit highly qualified and skilled individuals, with deep knowledge and experience, for leading and executive positions. We believe that they will contribute to weathering the challenges faced by the bank, with a view to crave the bank's niche in the Islamic banking market. WB's has the pride of having national labor of 60% of the total bank employees, while nationals in leading and executive posts constitute 75%."