For the third time in a row, Warba Bank, the fastest growing bank in the corporate and investment sectors, has been awarded the "Fastest Growing Bank in Kuwait' award for 2017 by Banker Middle East magazine - one of the most credible magazines in banking rating. This new achievement is an addition to the bank's series of achievements which establishes it as one of the leading institutions in the Islamic banking industry, supports its successes, and enhances its market share.
Al-Ghanem: "The continued growth in the bank's operations and investment portfolio is a focus of interest and trust of customers, shareholders, and established rating institutions"
The representatives of the bank received the award at the award ceremony held on May 11 at Emirates Towers Hotel in Dubai, in the presence of a select group of businessmen and economic sector leaders.
The awarding magazine is specialized in analyzing and providing comprehensive information about the global finance community in a precise, simple and easy-to-understand way. The awards are based on the vote of readers and users of their website, a range of decision-makers in the business and finance community. It is a key reference that sheds light on market changes, giving its readers a clear idea of the complex economic processes taking place in the global business community.
The Award is based on comparing the bank with its peers in terms of the turnaround time, net profit, assets, volume of deposits, total revenue, and turnaround in return on assets and equity.
As a result, Warba Bank was chosen by the magazine to receive the 'Fastest Growing Bank in Kuwait' award for 2017, given its recent successes that granted it honorable growth. In its selection, the magazine focused on growth benchmarks in the bank's various operations, particularly the fact that it has achieved net profits of KD 2,575M by the end of 2016, with a growth percentage of 160%, its assets growth is 45% reaching KD 1.1B, and its return on investment growth is 43% reaching KD 37.5M.
Other criteria have helped the bank win these awards, including the range of services, products, and banking solutions as well as the unique and exclusive digital services that Warba Bank is keen on delivering so as to meet customers' expectations and satisfy their needs.
Commenting on being awarded such prize, Shaheen Hamad Al-Ghanem, the Bank's CEO said, "We are proud to have won the 'Fastest Growing Bank in Kuwait' award for 2017 from Banker Middle East magazine for the third time. This serves as a solid proof of the bank's fast pace of growth and the effectiveness of its strategy which aims to establish the bank as a leading Islamic bank in the field of corporate banking and banking services for investments in Kuwait, in addition to providing advanced digital services for individuals."
Al-Ghanem Added, "That repeated success reflects the bank's recent successes and the solid foundation of its operations, which are based on in-depth studies of market needs. We continue our development approach and expansion plan at all levels, including targeted operations and investments, in addition to geographical expansion in order to reach all our customers across Kuwait so as to make Warba Bank the first choice for customers who want the best Shari'ah-compliant banking services, the best quality banking solutions, and the most promising investment opportunities."
Al-Ghanem concluded by pointing out that Warba Bank, in the first quarter of 2017, achieved a net profit of KD 1.3M - four times more than what was achieved during the same period last year. This confirms that Warba bank today competes with a high-level of professionalism and does not hesitate to inject investments necessary to diversify its investment portfolio, and aims to provide a viable and stable return for investors and quality banking services.
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