He said at a news conference that despite the challenges posed by the local and global economic conditions as well as the fierce competition among local banks, Warba's business indicators show a remarkable improvement in the bank's performance and the operating efficiency of assets.
As the realized operating revenues increased, exclusive of non-recurring transactions resulting from sale of investments, at 75 percent (KD 10.3 million for the year 2013 compared with KD 5.9 million in 2012), he said.
Bank's total assets grew by 81 percent as at the end of 2013, reaching KD 405.5 million compared with KD 223 million as at the end of 2012, while the financing portfolio increased to KD 218 million compared with 82.9 million as at the end of 2012, a growth of 163 percent, he added.
He noted that it is important to refer to the portfolio's quality which is evident through the lower percentage of defaulting finances, which is 0.30 percent. Meanwhile, the provisions made by the bank to cover the defaulting finances reached 479 percent as at the end of 2013.
Customers' deposits reached KD 246.8 million as at end of
Al Thaqeb pointed out that the positive indicators include revenues from financing and deposits, which reached KD 8.2 million compared with KD 3.2 million in 2012, a growth of 156 percent.
Despite the fact that the bank's loss reached KD 3.7 million compared with KD 1.9 million in 2012, with an increase of KD 1.8 million attributable to the general and precautionary provisions made at the request of the regulatory bodies and not to cover a specific defaulting finances, Warba managed to control the operating expenses, whereas the increase in operating expenses reached 8 percent only despite the bank's expansions and new branches, and the remarkable increase of businesses during the year 2013, he said.
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