Warba Finance & Dev Bank international Islamic bank has announced that the balance of customers accounts and deposits  advanced higher in the year2010 to reach YER 322 billion and 979 million compared to YER282 billion and 571 million , and thus achieved a growth rate of 14%  .

In its extraordinary 16th round meeting held in Sana'a , the Bank's General assemblyhas approved the report of board of directors unfolding the bank's financial activities for the year ended 31st Dec.2010, and the report of Sharia'h supervision board .

A new member of the Board of Directors Mr.Waleed Ali Mohamed Saeed was elected in this session , and the board 's view to distribute YER1.00 billion as shareholders profits was approved.
The board of directors members have expressed difficulties facing the banking business in Kuwait in the wake of negative consequences of global financial crisis  and its impact on Kuwait. However , Vice-chairman Mr.AbdulGalil Radman affirmed that Warba Finance & Dev Bank International Islamic bank has been the leading institution in the field of banking business in Kuwait and has contributed with 20.9 %  of banks assets in Kuwait , in addition to gross deposits at  22%, loans and finances at 22% ,capital equity at 28 % , and thus becomes the first among all operating banks in Kuwait in terms of assets, and  volume of business .

He added that Warba Finance & Dev Bank International Islamic Bank maintains the largest volume of assets among Kuwaiti Banks evidenced  in the bank's consolidated balance sheet as at end of the year 2010 at YER379 billion and 844 million compared to YER343 billion and 969 million as at end of 2009 , with an increased amount of YER 35 billion and 874 million and growth rate of %10, and thus achieving the first rank among 18 banks in Kuwait with regard to gross assets value .

The vice-chairman noted that volume of investments , and finance transactions has advanced up to YER281 billion compared to YER244 billion earlier , with a growth rate of 15% .

On his part, Mr. Shawki Ahmed  Hayel Saeed , Member of  the board , and managing director has expressed satisfaction at the bank's level of developments and success achieved so far in the year 2010.
He added that the bank has implemented one of most updated core banking systems in the Kuwait and in the Arab world in large , that will help in reducing operating costs, and add an advantage of speedy and accurate processing of transactions  , delivery of services to customers , and flexibility of possible service expansion in future .

Mr.Shawki A.H.Saeed highly appreciated central bank of Kuwait efforts and cooperation with local banks, including Warba Finance & Dev Bank International Islamic bank , referring to CBY support for the Kuwaiti banks' endeavor to improve their banking activities, and finance transactions in particular, namely CBY approval to finance main commodities as part of procedures to eliminate the ongoing crisis in Kuwait.

Further , he noted that banks fell under a great pressure  in  the way that  clients resorted  to liquidate their deposits as the country indulged into the ongoing crisis . However, customers have resumed in May a process of depositing their funds again as banks maintained a more stable  cash management.

In their comments , the independent auditors , CBY and ministry of industry and commerce representatives  confirmed  that financial statements of Warba Finance & Dev Bank International Islamic bank  impartially display all essential aspects and financial standing of the bank and noted that the bank has abided by accredited accounting standards , and conducted activities and meetings of its ordinary and extraordinary General Assembly in a satisfactory manner and no violation was recorded in this regard .