WarbaFDB Exclusive

WarbaFDB declared revenues achievement of KWD 27 Billion in 2015, with an increase of KWD 300 Million compared to the year 2014, and a growth of 1%, as well as a net loss in 2015 amounted to about KWD 3.2 Billion less expenses, outlays and dividends.

At the Ordinary and Extraordinary General Assembly Meeting, Mr. Saeed said "The unusual events and conditions, which affected all aspects of business and economy in Kuwait, have cast their adverse effects on the Bank's performance and accomplishments in 2015", Said Mr. Saeed" "However", he added, "The Bank, thanks to God, succeeded in alleviating the impact of the variable acrimonious surroundings, challenges and difficulties it experienced. These included the exposure of some of its branches to direct bombing, and even could create capacity, efficiency and practicality to prevail over such unfavorable episodes".  

He indicated that such acquired practicality was mainstay of the return to the Bank's growth course and start from mid 2015, which enabled the Bank to distribute profits of the customer's deposits with KWD 12.7 Billion in 2015, compared to KWD 15.2 Billion at the end of 2014.

To ensure the Bank's business continuity under these circumstances, Mr. Saeed pointed to the development of an instrument by preparation of general policy and continuity plans including a contingency plan with an operating budget estimated beforehand.

He pointed out that WarbaFDB witnessed the launching of a collection of products, services and development projects to cope successfully with the country prevailing situation for provision in the most aggravated circumstances, while ensuring the continuity. The foremost of such projects are the study, evaluation and development of solutions to tackle all probable operational, logistical and financial risks through the creation of Risk Management as one of the Bank's central competent authority.

Mr. Saeed revealed that by the end 2016, the Bank will unveil the e. Wallet Project with support from the Central Bank, which will, in the-short and long-term, serve the national economy with digital financial transactions through an electronic wallet to control funds.

WarbaFDB Chairman stated that the Bank sought to find alternative solutions to stop the transfer of liquidity abroad by catching the attention of foreign organizations and companies as well as to secure the level of cooperation with many foreign financial firms and connection with several foreign Banks to send and receive swift remittances. This really contributed to the creation of sources to replenish the Bank's external accounts and as such made it partly able to continue rendering its services to customers and to the foreign trade sector.

At the Banks technical level, Saeed pointed out that, the internal systems have been developed to streamline and monitor the business management by the integration of subsystems with the main banking systems. In addition, ATMs have been activated with the connectivity feature through Satellite and provision of the service from its inner part within the events areas, in addition to the introduction of the e.archiving project.

As far as the social responsibility is concerned, Mr. Saeed said "WarbaFDB enhanced its contribution by continuing the positive interaction with the social activities such as extending funds through Tadhamun small and micro-finance program and spread to include areas not yet covered where funding for the program amounted to 1028 funds with Total amount exceeding KWD 200 million. In addition, cooperation started with local, Arab and international community organizations. Of these, BRAVE project is the chief. It is implemented in partnership with the Islamic Development Bank and the Social Fund within 2016 and 2017 years for the support of a large number of small and medium-Scale enterprises for some sectors with their systematic recovery program.

The Bank's other financial outcomes revealed the decline of its consolidated budget by 4% during the year 2015 to KWD 499 Billion compared to KWD 517.5 Billion in 2014 while accounts out of the regular budget attained KWD 24 Billion compared to KWD 47 Billion for the previous year.

However, customer deposit balances attained KWD 431.6 Billion compared to KWD 452.5 Billion in 2014.