IslamicFinance.de

#Kuwait's Warba Bank announced its financial results for the first nine months of 2017. Net profits increased by 442% reaching KD 4.752 m compared to KD 877 K for the same period last year. The increase in the Bank’s total revenues was driven by strong performance of all business units. The total revenues reached KD 42.66 million at an increase of 63% compared to the first nine months of 2016. Moreover, the operating revenues increased by 70%, amounting to KD 26.800 million by the end of September 2017 compared to KD 15.741 million for the same period of 2016. Warba Bank's CEO Shaheen Hamad Al-Ghanem said that the Bank has successfully accomplished a number of deals most notably a strategic financing deal in the aviation sector in Kuwait. Warba Bank also participated in Sharia -complaint co-financing for the Ziraat Participation Bank of Turkey amounting $236 million. The Bank also participated in arranging the $400 million Sukuk issuance of the Dubai-based Miraas Holding for Real Estate Development.