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

Barwa Banks's net profit reached QR641mn in Q3 2014

NEWS, Business, Bank, Profit

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 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."

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