Shaheen Al-Ghanim, CEO of Warba Bank, said that investments have been one of Warba Bank’s pillars of making good profits in the first quarter of 2022.
Al-Ghanim added in an interview with Al-Arabiya channel: “The bank’s current strategy began to be implemented 5 years ago, and we have seen portfolio diversification and entering in investments with good returns, and our results are in in line with portfolio diversification and we are now reaping the benefits of this strategy ”.
He recalled that the company has real estate investments in the United States and in Great Britain, much of which comes from real estate leases, and the bank benefited from the high market value, as well as the presence of investment funds that have achieved good performance in the markets in which it operates.
He said: “We started financing individuals after the branch increase, and we expanded into branches and now we have 20 branches, and we have opened 4 branches, and this has increased customer deposits and reduced dependency on deposits.”
He pointed out that the deposits of individuals in bank accounted for 60% and the rest comes from corporations and government institutions.
The Warba Bank of Kuwait announced that it had made net profits better than analysts’ average expectations for the first quarter of questyear, growing 143% to 6.7 million Kuwaitis.
The bank has attributed tale growth due to a decrease in the provision for bad debts and an increase in the intermediation margin of approximately 3%, despite the increase in operating costs.
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