The Central Bank of Kuwait agreed to increase the capital of Warba Bank, which is listed on the Kuwait Stock Exchange, by about 82.875 million dinars, equivalent to 275 million dollars, by issuing 425 million new shares.
According to Arabiya Net, the bank said in a statement to the stock exchange, today, Thursday, that the capital increase shares will be offered for public subscription with the right of priority to the bank's shareholders at an issue price of 195 fils ( 100 fils nominal value and 95 fils issue premium).
The Kuwaiti Warba Bank turned to profitability in the second quarter, as it achieved profits of 3 million and 320,000 dinars, compared to losses in the corresponding period of last year, which amounted to about 17 million dinars.
The results were higher than analysts' expectations of two million dinars.
The bank also turned to profitability in the first half, as it achieved profits of about 6 million dinars, compared to a loss in the first half of 2020 of about 15 million dinars.
In a previous interview with Al Arabiya, Shaheen Hamad Al-Ghanim, CEO of Warba Bank, attributed the improvement in performance in the first half to achieving strong revenues from investment activities in addition to the growth of the financing portfolio. , pointing out that total revenues amounted to 64 million dinars, which basically contributed to transforming the bank from loss to profitability.
He added that Warba achieved a remarkable growth in customer accounts by 11%, amounting to two billion and 300 million dinars, adding that the growth of accounts contributes to reducing the cost of funds.< /p>
As for the bad debt ratio, he said, it is about 1.9%, lower than the market average, and the coverage ratio of provisions reached 290%, which is a comfortable ratio.
