RIYADH: Kuwait's Warba Bank has achieved its highest-ever quarterly profit, surging 140 percent in the first quarter, the CEO told CNBC Arabia.
The retail bank's profit rose to $21 million in the first three months of 2022, compared to $9 million for the same period a year earlier, a report by the bank showed.
The increase in net profit was driven by a decrease in impairment of assets and credit losses, as well as a rise in net income from fees and commissions.
In addition, the bank has also launched a real estate investment trust worth $100 million, and anticipates another worth $300 million, according to CEO Shaheen Al-Ghanim.
Currently, the bank is working on marketing a $30 million investment fund, which is expected to boost the bank's profits in upcoming quarters, Al-Ghanim added.
Warba Bank was founded in 2010 and provides a variety of Shariah-compliant banking and finance solutions.
