Barwa Bank has announced its financial results for the period ended June 30, 2012, results that demonstrate continuing growth, and a very strong capital base.
Well planned growth with attention to risk management at all times
Total assets increased by 12.5% to QAR21.5 bn (QAR 19bn as at 31st December 2011), a result of 30% growth in the customer financing portfolio ( QAR 12bn vs QAR 9.2 bn as at the of 2011), with customer deposits increasing to QAR 12.4bn (vs QAR 9.3 bn at 31st December).
Sharp increases in revenues and profits
Net income increased to QAR 344mn, up by 278% compared with the first half of 2011 (QAR 90.9mn) Net profits increased by 52% compared with the first half of 2011 to reach QAR 162mn (AQR 106.9mn in H1 2011).
Barwa Bank Group also increased its investment portfolio by 5% to QAR 5bn whilst Total Shareholders’ Equity reached QAR 5bn at 30th June 2012.
H.E. Sheikh Mohamad bin Hamad bin Jassim Al Thani (pictured), Chairman, Barwa Bank Group commented: “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 Shari’ah compliant financial services, as well as creating value for our customers and shareholders at all times.”
Steve Troop, CEO, Barwa Bank Group commented on the results: “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.”
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