The capital hike will lower the costs of financing facilities the Kuwaiti lender could obtain says the CEO
Raising the capital of Warba Bank by 50 per cent aims at boosting the capital baseline and increasing the bank’s instruments to provide large financing facilities said Shaheen Al Ghanim CEO of Warba Bank, Mubasher reported.
The capital increase will be by 500 million shares valued at KWD 90 million at a par value of 100 fils each, with an issue premium of 80 fils.
Warba’s capital hike will reflect positively on the bank’s financial position in general, as it focuses on government projects and the oil sector enhancing the bank’s operations and shareholders’ equity rights, adds Al Ghanim.
According to Mubasher , Warba Bank achieved a surge of 115 per cent in Q1 profits to KWD 2.9 million when compared to the same quarter in 2017.