Warba Bank’s General Assembly ratifies the auditors’ report and balance sheet

April 1, 2014 9:16 am

Warba Bank announced, following the conclusion of its Annual Ordinary General Assembly Meeting held on 31st March 2014, ratification of the auditors’ report for the year ending on 31st December 2013, and approval of the Balance Sheet as well as the Profit and Loss Account for the same period. Additionally, board members were discharged from any liability for the same year; and Mr. AbdulAziz Saud Al-Bader complementary board members were elected for the current session of Warba’s Board of Directors. The General Assembly has re-appointed Ernst & Young and KPMG as external auditors for the bank for the fiscal year 2014, and authorized the Board of Directors to determine their fees.

The Bank’s total assets grew by 81% as at the end of 2013, reaching KD 405.5 million compared with KD 223 million as at the end of 2012. The bank’s realized losses reached KD 3.7 million as at the end of 2013, while customers’ deposits reached KD 246.86 million as at the end of 2013, compared with KD 78.21 million as at the end of 2012.

On this occasion, Imad Al Thaqeb, Chairman of Warba Bank, said: “Despite the challenges posed by the local and global economic conditions as well as the fierce competition among local banks, Warba’s business indicators showed a remarkable improvement reflected on the bank’s performance, which marks Warba’s strong financial position, and quality assets, whereas the bank’s capital adequacy ratio reached 47.54% as at the end of 2013. This has contributed significantly to strengthening the Bank’s position locally, and supporting its endeavours to achieve its main goal; which is to be the bank of choice for the people of Kuwait.”

It is noteworthy that Warba has gone the extra mile for recruiting talented national cadres, whereas the Kuwaitization level exceeded the set 60% of the bank’s total employees. In light of its keenness to bridge the gap between the youth seeking to join Warba, from one side, and the Human Resources Group, from the other side, Warba has launched a flexible and user-friendly “Careers” portal.

Al Thaqeb added that: “Warba Bank seeks to develop the customer service level and fulfil customers’ financial and investment requirements. With this end in view, we have successfully launching many Sharia-compliant products and services that meet customers’ expectations.”

On the front of the online services, Warba online banking service has been launched to give real added value for our customers. During 2013, Warba has distributed its special offers booklet of coupons to be used with our credit cards to allow customers 50% discounts in local and international hotels and companies. In addition, “La t7aty” campaign was concluded by distributing 12 brand new cars to the winning customers. We also launched “Lean on Warba” campaign whereby Warba managed to provide a special range of offers and financial products to attract a new segment of customers. It is important to note that Warba Bank is the first bank to offer the “Qardh Hasan” product to its customers locally.

In continuation of its keenness to serve customers inside and outside of Kuwait, Warba Bank has, during 2013, enhanced the role and effectiveness of its Call Centre, developing its systems and training its employees on dealing with customers in a professional and efficient manner. With a view to get closer to customers, Warba has launched two new branches; in Farwaniya and The Avenues, and we is set to launch further two branches; in Jahra and Ahmadi.

Expressing his appreciation and thanks to Kuwait Investment Authority and the Central Bank of Kuwait for their constant support, Al Thaqeb said: “I would like to thank my fellow board members for their sincere efforts and continuous devotion to elevate this promising institution. I would like also to thank the honorable chairman and distinguished members of the Sharia Supervisory Board, as well as the Group Heads, and all Warba Bank’s employees for their efforts and dedication to work.”

For media information, please contact:
Nadin Al Alami / Mariam Janjelo
ASDA’A Burson Marstellar
Tel: 00965 22901571