Sheikh Mohamad bin Hamad bin Jassim Al Thani & Steve Troop
DOHA: Barwa Bank’s net profit for the first quarter of 2013 reached QR156.7m, up high 53 percent, compared to the bank’s net profit for the corresponding period in 2012. The bank’s total income increased to QR364m, up by 36 percent compared with the first quarter of 2012.
Barwa Bank Group also increased its investment portfolio by 14.3 percent to QR7.6bn while total shareholders’ equity reached QR5.3bn as at March 31, 2013.
Sheikh Mohamad bin Hamad bin Jassim Al Thani, Chairman and Managing Director of Barwa Bank Group, said: “Our strong financial performance for the first quarter of the year is a validation of our strategy and represents progress on our journey to becoming Qatar’s most recommended Shariah-compliant banking group. 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.”
Steve Troop, CEO, Barwa Bank Group, said: “We continue to achieve strong financial results with return-on-equity trending very positively coupled with progressive improvement in our cost-income ratio. Our core businesses are now firing on all cylinders and our major commitment to treasury & capital markets capacity and capability is now generating real momentum. 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. We will continue to build on our success.”
The Peninsula
