Monday 18 October 2021

Qatari bank Barwa's Q1 net profit up 15pc

DOHA, April 30, 2018

The Barwa Group has succeeded in achieving strong and steady results for the first three months of the year, by taking advantage of the extensive customer base that the group has been able to build over the past years, said a statement from the company.

This also came in line with the management’s ability to adapt to the current market conditions by working with dynamism and flexibility, which reflected positively on all financial indicators.

The group achieved a return on equity of 11.7 per cent, it stated.
Sheikh Mohammed Bin Hamad Bin Jassim Al Thani, the chairman and managing director of Barwa Bank Group, expressed confidence that the bank will continue delivering its responsibilities this year by working hard on strengthening its position across the Islamic banking sector in Qatar and exerting greater efforts to support the national economy.

The Group’s positive financial results come in line with its committed to improve the products and services provided to customers and to benefit from the rapid development of technologies that provide the greatest flexibility and ease of transactions, while aiming to deliver distinguished Shari’ah compliant services equivalent to international standards, he noted.

Group CEO Khalid Al Subaie said Barwa's business model, the diversity of income sources along with the variety of its innovative products which suit all customers segments, have enabled the bank to increase its financing revenues by 9.5 per cent exceeding QR517 million as well as its commission revenues exceeding QR55 million, which recorded an increase of 41 per cent.

In addition, the group’s total assets have increased by 9.5 per cent, exceeding QR48.8 billion, which was supported by a significant rise in customer deposits of 6.6 per cent reaching QR31.5 billion, he added.

Moving forward, Barwa Bank said it will continue focusing on its expansion plans across the Qatari market in 2018, given the significant opportunities the market provides.

Furthermore, the Group will spare no effort to gain the largest possible share of financing infrastructure projects and providing all possible support to contribute to the growth of the country's economy, backing the QNV2030 and its development pillars, it added.-TradeArabia News Service

Tags: Barwa | Qatari bank |

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