Barwa Bank Net Profit Rises By 52%

Barwa Bank’s net profits went up by 52% in the first half of the year compared to the figures in December 2011, according to a company communiqué. The bank’s profit reached QR162mn on June 30 compared to QR109mn in the first half of 2011.

The latest financial results demonstrated the bank’s continuous growth, and a very strong capital base, it said.

The bank’s total assets increased by 12.5% to QR21.5bn on June 30 from QR19bn as on December 31, 2011. This it said is owing to the result of a 30% growth recorded in the customer financing portfolio, QR12bn against QR9.2bn as on December 31, 2011,.

The deposits of the bank went up to QR 12.4bn against QR9.3 bn on December 31. The bank’s net income increased to QR 344mn, up by 278% compared with QR90.9mn in the first half of 2011.

Barwa Bank Group also increased its investment portfolio by 5% to QR5bn whilst total shareholders’ equity reached QR5bn on June 30.

Barwa Bank Group chairman Sheikh Mohamed bin Hamad bin Jassim al-Thani said: “The good financial performance for the first half of the year is testament to our strategic focus and a selective approach to the markets in which we choose to compete.

“We look forward to further growth, our continuing contribution to development of the Qatari economy and Shariah compliant financial services as well as creating value for our customers and shareholders at all times.”

Barwa Bank Group CEO Steve Troop said: “We continue to achieve strong financial results, a reflection of continuing growth in both customer financing and deposits.

“Our core businesses are now firing on all cylinders and we have been particularly pleased with the impact of two recent initiatives: the debut of our private banking proposition and the launch of our debt capital markets capability as demonstrated in joint lead manager roles for the spectacularly successful State of Qatar sukuk, the Islamic Development Bank and the most recent Emaar issues.”

Gulf Times