Built to inform

Sign up for the daily newsletters

No, Thank you

Barwa Bank's profit up by 43% year-on-year

Barwa Banks's net profit reached QR641mn in Q3 2014

NEWS, Business, Bank, Profit

RELATED ARTICLES: Barwa buys 50% stake in Lusail Golf Development l Barwa launches $137mn commercial project in Doha l Qatar's Barwa Bank to co-lead $750m Dubai sukuk

 Barwa Bank's profit reached QR641mn in the third quarter of this year, up by 43% on this time last year, according to a report in the Gulf Times.

The bank registered a third-quarter net profit of QR447mn in 2013, with total assets increasing to QR36.6bn, a 28% rise over the same period in 2013.

Financing assets showed a 31% growth to QR22bn in the third quarter and customer deposits grew by 30% to QR22.1bn. Earnings-per-share improved to QR2.12 compared with QR1.9 for the same period last year.

Barwa Bank Group chairman, Sheikh Mohamed bin Hamad bin Jassim al-Thani said, of the Shariah-compliant bank: "In only four years, Barwa Bank Group has managed to increasae its  market share in the Qatari Islamic banking industry to 15%, coupled with a significant increase in customer numbers, both corporate and personal."

The bank's acting group chief executive officer, Khalid Yousef al-Subeai said that the bank's strategy focused on across-the-board expansion as well as service and robust risk-taking. He attributted the impressive growth to "progressive improvment in processes and managment practises, which has led to greater efficiency, improved profitibilty and increasing returns on our shareholders' investment in the bank."

Most popular

Awards

Go for gold at the 15th Construction Week Awards in December 2019!
Winners will be crowned under 14 categories at a gala ceremony in Dubai – are

Conferences

Leaders in Construction UAE Summit returns in Sept 2019
Dubai conference to see top officials discuss the people, trends, and challenges that will power
Leaders Kuwait 2018: New Kuwait 2035 needs smart city-led contracts
Localisation and contract modernisation are essential for Kuwait's diversification strategy

Latest Issue

Construction Week - Issue 742
May 23, 2019