Warba Bank's financial statements showed the bank's turn to profitability in the first half of this year compared to losses for the same period last year.
According to the bank's results for the Kuwaiti Stock Exchange, today, Tuesday, the profits for the period amounted to 6.056 million dinars, compared to losses in the first half of 2020 amounting to 14.876 million dinars.
The bank said in a statement to the stock exchange that the positive shift in results during the comparison periods is mainly due to an increase in net investment income and foreign currency conversion profits by an amount of 9.566 million dinars and 3. 575 million dinars, respectively, in addition to the decrease in the impairment allowance by 8.128 million dinars.
The bank's total operating income in the first half of this year amounted to about 40.31 million dinars, compared to 26.24 million dinars for the same period in 2020, an increase of 53.6%.
The bank achieved profits of 3.274 million dinars in the second quarter of this year, compared to losses for the same period last year, which amounted to about 16.96 million dinars.
Warba Bank's profits rose 33.5% in the first quarter of this year; To reach 2.78 million dinars, compared to profits of 2.08 million dinars for the same period last year.
