Kuwaiti "Warba Bank" turns into a loss of 9 months ... and the profits of the third quarter decreased

Kuwaiti Warba Bank announced that it has achieved losses of 11.431 million dinars in the first nine months of this year, compared to profits of 12.143 million dinars for the same period in 2019. < / p>

The bank said in a statement to the Kuwaiti Stock Exchange, today, Thursday, that the negative shift in results during the comparison periods is mainly due to the increase in the provision for impairment and credit losses by an amount of 26.218 million Dinars, which was offset by an increase in net operating profit of 2.064 million dinars.

The bank's results also showed that the profits of the third quarter of this year decreased by 39%, to reach 3.445 million dinars, compared to the profits of the same period last year amounting to 5.643 million dinars .

The bank said in a press release, which was reviewed by (Amazon), that Warba recorded a tangible improvement for the financial period ending on September 30th, indicating that the total The bank’s assets, at the end of this period, amounted to 3.5 billion dinars, while the total financing portfolio amounted to 2.5 billion dinars.

The bank explained that the total depositors ’accounts amounted to 2.9 billion dinars, at a time when the net financing income reached 34 million dinars, as well as the net operating income of 46.8 million dinars, corresponding to 11% growth.

The cost-to-revenue ratio also improved, dropping to 40%, shareholder equity amounted to 185 million dinars, and total assets rose to 3.5 billion dinars.

In addition, Warba Bank's capital adequacy rate reached 16% at the end of last September, surpassing the minimum required by the regulatory authorities, which confirms the strength of the bank's financial position .