Sheikh Mohamed ... balanced growth
Barwa Bank posts $203m profit
DOHA, 6 days ago
Barwa Bank, a leading Shariah compliant bank in Qatar, recorded a net profit of QR738.8 million ($202.89 million) for 2016. Earnings per share rose to QR2.49, the bank said.
The financing portfolio increased by 4.5 per cent from last year to QR29.8 billion. The group’s total assets stood at QR46.0 billion, a growth of 2 per cent, and customer deposits increased significantly by 17.7 per cent to QR29.9 billion showing customers’ confidence in the bank due to its innovative and large range of products and superior customer service, it said.
Sheikh Mohamed Bin Hamad Bin Jassim Al Thani, chairman and managing director, said: “These results demonstrate the strength of the group and its financial position and strategy. In spite of the difficult and challenging conditions being faced throughout the region due to a tightening of liquidity, Barwa Bank Group focused on the balanced growth of the finance and investment portfolios, with the objective of maintaining the quality of assets, improving performance efficiency and increasing shareholders’ returns.
“Based on these impressive results, the board of directors recommended distribution of cash dividends to shareholders at a rate of 13.5 per cent, amounting to QR1.35 per share. I would like to express my sincerest thanks to all employees of the group for their hard work, dedication and innovation.”
Khalid Al Subeai, Barwa Bank Group chief executive officer, said: “Barwa Bank Group continued its strong performance evidenced by an increase of 16.4 per cent over last year’s revenues surpassing QR2.0 billion. This was accomplished by relying on the diversification of income sources and growing its customer base. The group was able to improve operational efficiency and reduce expenses by 5.6 per cent during 2016 while increasing its customer deposit base by 17.7 per cent.” – TradeArabia News Service